This is a timely review of the gold standard covering the 110 years of its operation until 1931, when Britain abandoned it in the midst of the Depression. Current dissatisfaction with floating rates of exchange has spurred interest in a return to a commodity standard. The studies in this volume were designed to gain a better understanding of the historical gold standard, but they also throw light on the question of whether restoring it today could help cure inflation, high interest rates, and low productivity growth. The volume includes a review of the literature on the classical gold standard; studies the experience with gold in England, Germany, Italy, Sweden, and Canada; and perspectives on international linkages and the stability of price-level trends under the gold standard. The articles and commentaries reflect strong, conflicting views among hte participants on issues of central bank behavior, purchasing-power an interest-rate parity, independent monetary policies, economic growth, the "Atlantic economy," and trends in commodity prices and long-term interest rates. This is a thoughtful and provocative book.
Excerpt from The Gold Standard, 1895 The Government of the United States had taken measures to promote a Conference of the European Powers, in order to take into consideration the condition of silver, and expressed a wish to Her Majesty's Government that a ratio might be established by the leading nations for the coinage of silver at their several Mints. My predecessor in office - Mr. Goschen - while assenting to an inquiry as to the possibility of an enlarged use of silver in the currency of nations, distinctly declined to accept the invitation, couched in terms which involved the adoption of a bimetallic system. When the Conference met at Brussels, the bimetallic proposals brought forward by the delegates of the United States, owing to their generally unfavourable reception, were not pressed to a division. At the last session of the Conference an adjournment was agreed to, with a view of its re-assembling after an interval of six months, in order to consider some agreement (if any such could be produced) "which should not infringe in any way the fundamental principles of the monetary policies of the different countries." (Report of Brussels Conference, p. 195.) It was recognised that there would be no advantage in calling the Conference together again except for the purpose of the examination of practical and explicit proposals brought forward on the responsibility of one or more of the Governments there represented, and which should conform to the condition that those proposals should not interfere with the fundamental principles governing the monetary systems of the various States. When the prescribed time arrived, it appeared that these conditions were not fulfilled, and none of the Governments concerned expressed a desire for the re-assembling of the Conference, which accordingly came to an end. I concur entirely in the opinion expressed in your Address, that the experience of well nigh a century has proved that our present system of currency is suited to the wants of this great commercial country, and that to depart from it would be disastrous to the trade and credit of the United Kingdom. Continuity of National Policy is more necessary in this than perhaps any other question. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
By the end of the nineteenth century, the world was ready to adopt the gold standard out of concerns of national power, prestige, and anti-English competition. Yet although the gold standard allowed countries to enact a virtual single world currency, the years before World War I were not a time of unfettered liberal economics and one-world, one-market harmony. Outside of Europe, the gold standard became a tool for nationalists and protectionists primarily interested in growing domestic industry and imperial expansion. This overlooked trend, provocatively reassessed in Steven Bryan's well-documented history, contradicts our conception of the gold standard as a British-based system infused with English ideas, interests, and institutions. In countries like Japan and Argentina, where nationalist concerns focused on infant-industry protection and the growth of military power, the gold standard enabled the expansion of trade and the goals of the age: industry and empire. Bryan argues that these countries looked less to Britain and more to North America and the rest of Europe for ideological models. Not only does this history challenge our idealistic notions of the prewar period, but it also reorients our understanding of the history that followed. Policymakers of the 1920s latched onto the idea that global prosperity before World War I was the result of a system dominated by English liberalism. Their attempt to reproduce this triumph helped bring about the global downturn, the Great Depression, and the collapse of the interwar world.
Why did the price of gold hit record highs in 2008? Take a look at the headlines - government bailouts of failed banks, mortgage and credit crises, rising inflation, slowing growth and global insecurity. In order to protect themselves from treacherous financial markets and depreciated paper currencies investors worldwide are turning to gold. Gold has long been used as money and as a store of wealth, but what's the source of its value? Why does that value sometimes rise so high and at other times fall so low? And what do we know about gold's complex and often tumultuous past that may yield clues about how it may behave in the future? Gold is a side show on a world financial stage dominated by the dollar. The tail can't wag the dog -gold prices are affected by changes in prospects for the dollar and not vice versa. With uncertain outcomes for the American and global economies, gold's stateless money franchise makes this book compelling reading. "John Katz is a clear eyed independent strategist and analyst with an extraordinary ability to get to grips with subjects ranging from biotechnology via alternative energy to commodities and gold. Uniquely for a commentator on gold he has no dogmas. To assess the risks and rewards that come with owning gold he introduces opinions from an impressive range of commentators, examines different scenarios that may play out on the world economic stage and highlights situations when owning gold makes sense and when it doesn't. To complete the picture Frank Holmes's contribution to The Goldwatcher explains the risks and rewards. The Goldwatcher has been written for 21st century investors. It will be an indispensable resource for responsible people from institutional money managers to private savers - whether the gold price moves up, down, or sideways." —Patrick H. Spencer, Managing Director, Head of Institutional Sales, Robert W. Baird Limited, London "Frank Holmes's stellar track record as a resource portfolio manager is a clear reflection of his understanding of the business, the markets and the factors that affect them. His success is as much about unearthing value as it is about creating an investment process that is religiously followed. If you want to succeed in your resource investment,this book is a must. It's all the more enjoyable because the writing style is easy-going,clear and understandable." —Pierre Lassonde, Former chairman, World Gold Council, and past president, Newmont Mining Corp This book is also supported by The Goldwatcher blog - http://wwwthegoldwatcher.com, which addresses news and developments affecting gold and the dollar, updates statistical information and links with sources for data and commentary.
A classic collection of titles from one of the world's greatest financial writers One of the foremost financial writers of his generation, the late Peter Bernstein had the unique ability to synthesize intellectual history and economics with the theory and practice of investment management. Now, with the Peter L. Bernstein Classics Collection e-bundle, you will be able to enjoy some of the most important and critically acclaimed books by this engaging investment writer—Capital Ideas, Against the Gods, The Power of Gold, and Capital Ideas Evolving. Capital Ideas and Capital Ideas Evolving traces the origins of modern Wall Street, from the pioneering work of early scholars and the development of new theories in risk, valuation, and investment returns, to the actual implementation of these theories in the real world of investment management Against the Gods skillfully explores one of the most profound issues of our time—the role of risk in our society—in a non-technical and accessible style The Power of Gold tells the story of how history's most coveted, celebrated, and inglorious asset has inspired romantic myths, daring explorations, and titanic struggles for money and power Engaging and informative, Peter L. Bernstein Classics Collection puts the insights of one of the greatest financial writers of our time at your fingertips.
What is Gold Standard An example of a monetary system that adheres to the gold standard is one in which the standard economic unit of account is determined by a predetermined amount of gold. From the 1870s until the early 1920s, and from the late 1920s until 1932, as well as from 1944 until 1971, when the United States unilaterally terminated convertibility of the United States dollar to gold, effectively ending the Bretton Woods system, the gold standard served as the foundation for the international monetary system. Notwithstanding this, a few of states possess significant gold reserves. How you will benefit (I) Insights, and validations about the following topics: Chapter 1: Gold standard Chapter 2: Currency Chapter 3: Euro Chapter 4: Deflation Chapter 5: Specie Payment Resumption Act Chapter 6: Reserve currency Chapter 7: Monetary policy Chapter 8: Bimetallism Chapter 9: Bretton Woods system Chapter 10: Indian rupee Chapter 11: European Monetary System Chapter 12: History of the United States dollar Chapter 13: Silver standard Chapter 14: Nixon shock Chapter 15: Barry Eichengreen Chapter 16: Money Chapter 17: Snake in the tunnel Chapter 18: A Monetary History of the United States Chapter 19: United States dollar Chapter 20: Fiat money Chapter 21: History of monetary policy in the United States (II) Answering the public top questions about gold standard. (III) Real world examples for the usage of gold standard in many fields. Who this book is for Professionals, undergraduate and graduate students, enthusiasts, hobbyists, and those who want to go beyond basic knowledge or information for any kind of Gold Standard.
Incorporating myth, history and contemporary investigation, Bernstein tells the story of how human beings have become intoxicated, obsessed, enriched, impoverished, humbled and proud for the sake of gold. From the past to the future, Bernstein's portrayal of gold is intimately linked to the character of humankind.
Handgun enthusiasts, gun-owning do-it-yourself, law enforcement officials, and gunsmiths here is the ultimate one-volume guide to acquiring and developing all the necessary skills for making pistol repairs at home, from helpful hints on work space and setting up a small shop, to the tools needed and how to use them properly, to welding, hardening, and gun finishing. All this valuable information, plus much more, is contained in this easy-to-use reference for handgun aficionados.
