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商品の説明
内容説明
This book is a reassessment of the international monetary crises of the post-World War I period that led to the Great Depression of the 1930s. It also analyses the responses of the world economic powers to the Depression and how new monetary policies set the stage for the watershed post-World War II system established at Bretton Woods. It offers new theories of what effect the Great Depression had on the collapse of the world monetary system, and what effect the collapse had on deepening and prolonging the Depression, by exploring the link between global economic crisis and the the gold standard (the framework for international monetary affairs until 1931). The events described had a profound effect upon twentieth-century history: the Depression abetted the rise of Hitler and the demise of the gold standard is a historical cause of inflation.
Book Description
Golden Fetters offers a reassessment of the international monetary problems that led to the global economic crisis of the 1930s. It explores the connections between the gold standard--the framework regulating international monetary affairs until 1931--and the Great Depression that broke out in 1929. Eichengreen shows how economic policies, in conjunction with the imbalances created by World War I, gave rise to the global crisis of the 1930s. He demonstrates that the gold standard fundamentally constrained the economic policies that were pursued and that it was largely responsible for creating the unstable economic environment on which those policies acted. The book also provides a valuable perspective on the economic policies of the post-World War II period and their consequences.
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68 人中、67人の方が、｢このレビューが参考になった｣と投票しています。
A tremendous trip into la-la land
2001/8/2
形式:ペーパーバック
Barry Eichengreen's classic tale of financial hubris and mismanagement is almost ten years old. But it's still riveting. It's a broad-sweep introduction for generalists and financial buffs alike. And it's very well written too.
The 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.
33 人中、27人の方が、｢このレビューが参考になった｣と投票しています。
Excellent reading!
2000/4/12
形式:ペーパーバック
Eichengreen does it again. His easy-reading prose takes the reader through the monetary meanders of the post-WWI scenario, alternating historical narrative with clear, in-depth looks into economic theory and economic thought. The book features a comprehensive analysis of the intricacies of the interwar gold standard. The international conferences, the German hyperinflation, the roller-coaster of the Franc between 1924 and 1926 and the monetary determinants of the Great Depression are studied with extreme accuracy. This magnificient account will not disappoint either the academic reader or the learned non-specialist.
29 人中、23人の方が、｢このレビューが参考になった｣と投票しています。
A Landmark Economics Study on the Economics of the Flawed Gold Standard
2007/7/14
形式:ペーパーバック
This is a landmark economics study on the effects of the disastrous gold standard in partly causing the Great Depression, along with the Federal Reserve contracting the money supply, related to the flawed gold standard. This book is intented for advanced economists and is probably not legible for most college-educated people.
Two other essential books on the subject are Essays on the Great Depression by Ben Bernanke, Chairman of the Federal Reserve and America's top economist, and Lessons from the Great Depression (Lionel Robbins Lectures) by Peter Temin, one of the greatest economists of the Great Depression. Those books were also written for economists, although Bernanke's book can be read by average people if you skip around.
The average reader wanting to read about the gold standard in a way that a general reader can understand should read the Pulitzer Prize-winning Freedom from Fear: The American People in Depression and War, 1929-1945 (Oxford History of the United States) by David Kennedy. Kennedy's writes thoroughly about the economics of the Great Depression, yet the Oxford History of the United States is designed for everyone to read.
Two other essential books on the subject are Essays on the Great Depression by Ben Bernanke, Chairman of the Federal Reserve and America's top economist, and Lessons from the Great Depression (Lionel Robbins Lectures) by Peter Temin, one of the greatest economists of the Great Depression. Those books were also written for economists, although Bernanke's book can be read by average people if you skip around.
The average reader wanting to read about the gold standard in a way that a general reader can understand should read the Pulitzer Prize-winning Freedom from Fear: The American People in Depression and War, 1929-1945 (Oxford History of the United States) by David Kennedy. Kennedy's writes thoroughly about the economics of the Great Depression, yet the Oxford History of the United States is designed for everyone to read.
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