The "Gold Standard Game"
IT has become a commonplace in newspaper articles to say that the main reason why the gold standard in Great Britain had to be suspended was that other countries did not "play the game of the gold standard". Less colloquially expressed, this means that they did not abide by the rules of the gold standard as interpreted in the light of post-war experience. Many people who freely use these phrases, would be at a loss if called upon to explain what they mean exactly by the "game of the gold standard" and the "rules of the gold standard". When examining the relative importance of this factor amongst all those responsible for the suspension of the gold standard in Great Britain, it is, therefore, necessary to attempt to indicate these rules.