The Glitter of Gold: France, Bimetallism, and the Emergence of the International Gold Standard, 1848-1873 (Hardback)
  • The Glitter of Gold: France, Bimetallism, and the Emergence of the International Gold Standard, 1848-1873 (Hardback)
zoom

The Glitter of Gold: France, Bimetallism, and the Emergence of the International Gold Standard, 1848-1873 (Hardback)

(author)
£172.50
Hardback 344 Pages / Published: 04/03/2004
  • We can order this

Usually dispatched within 3 weeks

  • This item has been added to your basket
This book studies the so far unexplored operation of the international monetary system that prevailed before the emergence of the international gold standard in 1873. Conventional wisdom has it that the emergence of gold as a global anchor was both an inescapable and desirable evolution, given the exchange rate stability it provided and Britain's economic predominance. This study draws on a wealth of archival sources and abundant new statistical evidence (fully detailed in the appendix) to demonstrate that global exchange rate stability always prevailed before the making of the gold standard. This was despite the heterogeneity among national monetary regimes, based on gold, silver, or both. The reason for the stability before the establishment of the gold standard is France's bimetallic system. France, by being in a position to trade gold for silver, and vice versa, effectively pegged the exchange rate between gold and silver at its legal ratio of 15.5. Part I of the book studies exactly how this mechanism worked. Part II focuses on the respective behaviour of private concerns and arbitrageurs on the one hand, and authorities such as the Bank of France on the other hand, in order to underline the constraints and opportunities that were associated with bimetallism as an international regime. Finally, Part III provides a new view on the collapse of bimetallism and its replacement by a gold standard. It is argued that bimetallism might well have survived, and that the emergence of the gold standard was by no means inescapable. Rather, it resulted from a massive coordination failure at both national and international levels - a failure that was a preview of the interwar collapse of the gold standard.

Publisher: Oxford University Press
ISBN: 9780199257867
Number of pages: 344
Weight: 650 g
Dimensions: 242 x 163 x 24 mm

You may also be interested in...

Monetary Policy
Added to basket
£6.99
Paperback
A Companion to the History of the Book
Added to basket
Lords of Finance
Added to basket
£10.99
Paperback
All The Devils Are Here
Added to basket
The Rational Optimist
Added to basket
The Age Of Capital
Added to basket
£14.99
Paperback
Taxation: A Very Short Introduction
Added to basket
The Ascent of Money
Added to basket
Aftermath of Revolution
Added to basket
The Money Machine
Added to basket
£10.99
Paperback
Debt
Added to basket
£17.99
Paperback
The Great Hunger
Added to basket
The Making of the English Working Class
Added to basket
The Great Degeneration
Added to basket
Dogs and Demons
Added to basket
£14.99
Paperback

Reviews

Please sign in to write a review

Your review has been submitted successfully.