Gold-standard


The simpliest way to understand the Gold Standard
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Much old stuff, but a nice overviewWhat I did like was the introductary chapters which describe how the system worked at different times and also how differently its workings were percived amongst central figures at the time. I found this very useful since most texts would have you believe that the system was a smooth functioning and uniform entity. It obviously wasn't. Thank you MB for this valuable insight.


MCAT Gold Standard Review
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From a non-economist
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For experts only.
A tremendous trip into la-la landThe book begins by describing the inner workings of the gold standard and how it evolved from its inception in the 1800s. This part may be a bit dry for generalists, but once underway all the terms become quite easy to understand. It's worth persevering since WW1changed the way the world worked. In particular, the after effects of the war made staying on gold much more difficult for countries experiencing persistent balance of payments deficits.
After that, Eichengreen goes on a tour of the interwar years and aims to show why the collapse of the gold standard and the plunge into depression had nothing to do with the US stock market and everything to do with rivalries and mismanagment on an international scale. The US crash was a symptom of an international crisis, not the cause.
All the classic powderkegs are there. The UK's mindless attempt to rejoin the gold standard at the overvalued, pre-war rate. Vindictive French domestic politics and the hyperinflations in continental Europe. Vindictive French attempts to humiliate the Germans over reparations. Bank runs in Germany and Austria. French and American attempts to bend the rules of the Gold Standard for their own national interests. Wild swings in capital flows from Europe to the US and back again. And the cataclysmic days of 1931 when the whole system collapsed under the weight of banking crises and currency contagion - in ways very similar to Asia in 1997.
After the crash, we get down to the Great Depression and who fared the best. This part is much shorter since it isn't as complicated. Basically, those countries that devalued quickly and went the free market route fared much better than those that didn't. Sweden was a star performer. The US can be found towards the back of the class. Dear old Blighty gets full marks for going solo, although more recent evidence shows this had more to do with throwing in the towel than playing with new ideas.
Strangely there's little mention of Japan. Nippon took a beating in the late 1920s while the yen remained fixed to gold. Once sterling devalued, the Japanese followed suit. The recovery was swift and full blooded. But the central bank forgot to stop the printing press once growth returned and ended up fighting hyperinflation in the late 1930s. So Eichengreen's line that giving up was the great panacea isn't quite as true as he'd have you believe.
All told, Golden Fetters is great. While it lacks facts and figures on banking problems and doesn't really provide convincing evidence on contagion, it works really well as a diary of contrasting fortunes in Europe and the US after the guns fell silent in 1918. If you like history then this is for you.
Excellent reading!
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not very complete in identifying patterns
It's pretty okay
Good basic overall view of American silverplate patterns
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no, try again
Clear explanations
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Great Study Tool
Exelent virtual lab! Sybex has created a great learning tool's lab program, it very convientaly puts togeather important second semester information with fourth semester information and it does a good job. This lab is not built the same way as the official Cisco lab set up, and you can't change the change the serial lines...
Has what it takes....for very little cash....
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The Gold Standard has certainly depreciated
critical tour de force
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Gold Coins of the World From Ancient Times to The PresentSecondly for Ancient coins such as Greek, Roman & Byzantine, It would have helped if an approximate weight for each coin was included...
No color pictures
Going through the Gold Exchange Standard, the Gold Bullion Standard and the Bretton Woods System he surveys quickly, but deeply, the way these monetary systems worked and how they died.
As a conclusion, Edwin Kemmerer's book should be considered a classical on Gold Standard, next to Barry Eichengreen's books. The simplicity of the book and the variety of themes it describes makes it an excellent buy.