By Michael D. Bordo, Forrest Capie
This crucial contribution to comparative financial background examines assorted nations' reports with assorted financial regimes. The participants lay specific emphasis on how the regimes fared whilst put below pressure akin to wars and/or different adjustments within the financial setting. protecting the adventure of ten nations over the interval 1700-1990, the booklet employs the newest recommendations of financial research so that it will comprehend why specific financial regimes and rules succeeded or failed.
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Extra info for Monetary Regimes in Transition (Studies in Macroeconomic History)
10 For the political scientist, understanding the formation of the international gold standard represents a study in the formation of diffuse regimes. This pertains particularly to the interests of international-relations specialists and students of comparative monetary history. For the former, it illuminates a much neglected area in the study of regimes. For the latter, it illuminates processes in which the confluence of shared external and internal pressuresfilterthrough domestic political and economic structures to create uniformities in national policy styles.
Supporters of gold at meetings of the French Monetary Commission of 1868, for example, were not reserved in their use of this association in trying to discredit silver and bimetallism as future 20 Giulio Gallarotti standards for France. 19 At the International Monetary Conference of 1878 the Dutch representative Mees expressed his pessimism about the possibility of a bimetallist alliance forming among the US and European states, but added that the US might look for monetary "allies" in the lessdeveloped world (Central and South America, Asia, Dutch and English Indies).
32 The importance of monetary status was made all the more evident by the questionable economic rationality of a sudden transformation of six Germanic monetary systems traditionally founded on silver and paper circulation (only Bremen was on a gold standard). US Secretary of the Treasury McCulloch (1879, p. 16), in fact, argued that a rapid transition to gold monometallism was a mistake. 33 Monetary ideology also had a place in US monetary history in the eighteenth and nineteenth centuries. White (1893, p.