World Finance Since 1914 (RLE Banking & Finance) | Paul Einzig | Taylo

Book

World Finance Since 1914 (RLE Banking & Finance)

ABSTRACT

Charting developments in one of the most turbulent periods of economic history, this far reaching volume covers the problems facing the major economies of Europe in the inter-war years. It also discusses global economic policies and the crises for the world’s major currencies. Although it covers complex themes, the book is written in an accessible way even for the non-specialist.

TABLE OF CONTENTS

chapter |82 pages

PART IINFLATION

part |2 pages

PART II STABILISATION

chapter |1 pages

that elapsed between the end of the Napoleonic

chapter |1 pages

that during the war and

chapter |1 pages

unit and a given quantity of gold. Although the opposite their ideas failed to gain popularity

chapter |1 pages

without the minimum amount of planning that whether the rate of stabilisation chosen by one country or other countries. It did not occur to anybody to whether the wholesale adoption of the gold standard with disastrous results. Nor did it occur

chapter |2 pages

that pre-war stability was not the result of their extent with either that of the French Revolu- with that of the Great War that followed it. The economic situation error that caused the error of mistaking the effect for the cause. that in establishing stability on the surface by they would succeed in that before that without the return of that fundamental stability it was hope-

chapter |2 pages

that the inevitable collapse was that, with the exception of a few economists, every- there was no obvious con- their upward and downward movements were on that that from time to time the world will have to choose

chapter |1 pages

What is more, in the United States the there was one country, therefore, which with the dollar, although the that the huge gold reserve accumulated during and with figures of bank deposits and credits can obscure the fact that the reserve ratio remained throughout the post-war period treat

chapter |2 pages

with eyes of 1935. At that time, it must have ap- that they should go out of their way to trend towards expansion to take its course, their debtors to pay their debt. bitter other countries, had to that a monetary policy guided With the knowledge we possess that it would have been to the interest of thus forcing the world into a

chapter |2 pages

neutral countries, with the

chapter |3 pages

until the advent of the crisis which threw the world into the melting-pot once more. The dis- their currencies mostly at an under-valued level.

chapter |1 pages

their gold stocks had been that it was desirable for them to their metallic reserve. They were also anxious to avoid or at that inevitably their exportable goods by under-valuing their currencies. that at the time of the stabilisa- their that countries which under-valued their currencies that in the course of a comparatively short time, inland prices

chapter |1 pages

their case, inflation did not attain a their economic that the change brought about by the return to that had been in existence d'être and compelled others to either collapsed or had to be liquidated. These volun-

chapter |2 pages

that in the case of France and Belgium the stabilisation crisis without that other time or in a slightly different form. In any underwent

chapter |3 pages

that the under- that the fault lies not with the French with those Governments which deliberately their currencies. This admission is not, however, they were right in under-valuing the they were wrong in pursuing a policy which prevented

chapter |2 pages

that of latter, the loan was issued under without any guarantees other Governments. The next transaction in which inter-

chapter |5 pages

that they had return of various countries to the gold standard. that since the return to the gold standard at the parities their cur- their uneconomic parities were futile. Given the that Governments concerned did not possess the foresight their currencies at all. that a temporary that even after the disadvantages of their that of the efforts to reconstruct financially weak countries,

chapter |1 pages

their minds and their funds at a moment's notice than they were in Other

chapter |47 pages

Within five or six years more countries had adopted the gold than during the whole of the Nineteenth Century. than at there was little more to be expected from the withdrawal

chapter |64 pages

PARTI DEFLATION

chapter XXXV|18 pages

THE END OF REPARATIONS

chapter |15 pages

PART IV

chapter XL|31 pages

REFLATION IN THE UNITED STATES

chapter |20 pages

THE TWILIGHT OF THE GOLD BLOC