The Gold Standard in Theory and History by Barry Eichengreen, Marc Flandreau

By Barry Eichengreen, Marc Flandreau

Because the profitable first variation of The superior in thought and heritage was once released in 1985, a lot new study has been accomplished. This up to date model includes 5 new essays including:* put up 1990 literature on alternate cost aim zones* a dialogue of the sunshine shed through the most beneficial at the eu financial Union debate* a brand new creation by way of Eichengreen with Marc FlandreauThis may be a useful source for college kids of macroeconomics, overseas economics and monetary historical past in any respect degrees.

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High rates in London led rather to a world fall in prices, partly because of the sympathetic movement of rates elsewhere, partly because of the effect on British entrepôt trade and British long-term foreign investment. The restriction of the argument to certain cases is also important. Professor Beach’s study of British gold movements relates to the period from 1880 to 1914. It is possible that he would have obtained different results if he had taken an earlier period. The data have not, I think, been systematically studied, but one has the impression that in several of the earlier nineteenth-century booms the expansion of credit in England outpaced any similar movement in other countries, with the result that there occurred an adverse balance of payments and a foreign drain.

5 I am told, by Mr Ashton, that serious difficulties were often experienced in Lancashire in the late eighteenth century owing to the shortage of local means of payment, and that various expedients had to be resorted to in consequence. Now according to orthodox theory the local price level should have adjusted itself to the actual supply of means of payment; and if this meant that the price level was unduly low in relation to other parts of the country, the favourable balance of trade should have brought in supplies of money to raise the price level.

Our modern politics embrace the only method of banishing money, the using of paper-credit; they reject the only method of amassing it, the practice of hoarding; and they adopt a hundred contrivances, which serve to no purpose but to check industry, and rob ourselves and our neighbours of the common benefits of art and nature. All taxes, however, upon foreign commodities, are not to be regarded as prejudicial or useless, but those only which are founded on the jealousy above-mentioned. A tax on German linen encourages home manufactures, and thereby multiplies our people and industry.

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