Golden Fetters. The Gold Standard and the Great Depression, Barry Eichengreen. NBER Series on Long-term Factors in Economic. Eichengreen, Barry J. Golden fetters: the gold standard and the Great. Depression, – /. Barry Eichengreen. p. cm. (NBER series on long‐term factors in. Barry Julian Eichengreen (born ) is an American economist who holds the title of George His best known work is the book Golden Fetters: The Gold Standard and the Great Depression, –, Oxford University Press,

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His account tolden the gold standard during this dramatic period is based on wide ranging research and is exceptional in its clarity Eichengreen shows how economic policies, in conjunction with the imbalances created by World War I, gave rise to the global crisis of the s. The dual bases for the prewar system were the credibility of the official commitment to gold and international cooperation: The type of cooperation required was politically impossible by the s, the author writes, mainly because minority interest groups held a disproportionate influence over domestic politics in most western nations at the time.

Monetary contractions in turn were strongly associated with falling prices, output and employment. Fighting Chance Faye E. This diagnosis was confirmed in when external shocks caused the Eurozone Crisis. The gold standard also existed in the nineteenth century, of course, without exercising such debilitating effects — the explanation for the contrast lies in the disintegration during and after World War I of the political and economic foundations of the prewar eichehgreen standard system.

Publications Pages Publications Pages.

Eichengreen’s mother is Lucille Eichengreena Holocaust survivor and author. Tears of the Tree John Loadman. Essays in the History of International Finance Third, did the removal of the gold standard in fwtters s establish the preconditions necessary for recovery from the Great Depression? Contentious material about living persons that is unsourced or poorly sourced must be removed immediatelyespecially if potentially libelous or harmful.


Other editions – View all Golden Fetters: Exorbitant Privilege Barry Eichengreen.

From Wikipedia, the fetterrs encyclopedia. The goal is to show how the policies pursued, in conjunction with economic imbalances created by World War I, gave rise to the catastrophe that was the Great Depression.

He has written a number of books on international monetary issues and economic history, including Elusive Stability: The book also provides a valuable perspective on the economic policies of the post-World War II period and their consequences. It is also impressive in scope, providing a broad overview of the interwar international economy.

Classical, Early, and Medieval Poetry and Poets: Selected pages Title Page. Amazon Music Stream millions of songs. Share Facebook Twitter Pinterest. The detters about maintaining a gold standard or the euro really highlights the difficulties that several EU countries will face if they stay in the euro. In the summer ofas the US Federal Reserve raised interest rates to dampen speculation in the eidhengreen hot stock market, the European economies were threatened as their limited gold reserves began to flow across the Atlantic in search of higher returns Note: Because of the gold standard and the central role of US gold in propping it up via generous lending, American domestic policy decisions necessarily and directly impacted international policy decisions.

Golden Fetters: The Gold Standard and the Great Depression, 1919-1939

The gold standard of the s set the stage for the Depression of the s by heightening the fragility of the international financial system, and was the mechanism that transmitted the destabilizing impulse from the USA to the rest of the world and magnified that initial destabilizing shock; it was the fetterw obstacle to offsetting action, and the binding constraint preventing policymakers eiichengreen averting the failure of banks and containing the spread of financial panic.

Even those who are not sympathetic to the arguments and conclusions ecihengreen this book will agree that it is destined to be an important work for all future students of the gold standard. Amazon Advertising Find, attract, and engage customers. Acting alone was impossible if the gold standard was to be defended.


Eichengreen has done golde and published widely on the history and current operation of the international monetary and financial system. Don’t have an account?

Golden Fetters – Paperback – Barry Eichengreen – Oxford University Press

It furthers the University’s objective of excellence in research, scholarship, and education by publishing worldwide. Probably the best book on the causes of the Depression.

What really triggered the Great Depression though was the epidemic and unchecked string of bank failures that generated panic and a downward spiral in liquidity. Amazon Inspire Digital Educational Resources. This item is not eligible for international shipping. Graciously fetters, impressively researched, organized At the turn of the century, there was limited appreciation for the connection between monetary and fiscal policy and domestic employment, and even if there were, the groups frtters impacted by the decisions were political marginalized.

Barry Eichengreen

That said, depreciation was a necessary but not in-and-of-itself sufficient to promote broad scale macroeconomic recovery. If anyone is interested in the gold standard, them this is a great book that explains the history and how it worked. There’s a problem loading this menu right now. He received his B. Sterilization of gold inflows by surplus countries [the USA and France], substitution of gold for foreign exchange reservesand runs on commercial banks all led to increases in the gold backing of money, and consequently to sharp unintended declines in national money supplies.

The Eivhengreen of Hyperinflation. Ebook This title is available as an ebook. Goden was a problem filtering reviews right now. The gold standard and the Great Depression might appear to be two very different topics requiring two entirely separate books, and the attempt to combine them here reflects Barry Eichengreen’s conviction that the gold standard is the key to understanding the Depression.