Silver and Gold: The Political Economy of International Monetary Conferences, 1867-1892For many observers of international politics, the classical gold standard is the premier example of successful international monetary cooperation. Curiously, most studies portray this 19th century system as a spontaneous development. Reti, after a thorough investigation of diplomatic records, argues that the gold standard grew out of several years of international negotiation. At the Conference of 1867, delegates for 20 states debated the monetary standard and agreed to adopt gold as soon as possible. In response to worldwide deflation from 1873 to 1896, the Conferences of 1878, 1881, and 1892 reconsidered the merits of gold, and the leading states reaffirmed their adherence to the gold standard. Reti uses theories of international regimes to explain the roles of hegemonic power, domestic politics, and causal beliefs on conference diplomacy. He asserts that the classical gold standard can best be understood as a coordination game in which negotiations informed nations about how to cooperate. |
Contents
The Politics of the International Monetary Conferences | 157 |
Conclusion | 181 |
States Attending the Monetary Conferences | 195 |
Copyright | |
Other editions - View all
Silver and Gold: The Political Economy of International Monetary Conferences ... Steven Reti No preview available - 1998 |
Common terms and phrases
adopt the gold advocates argued Bank of England bankers bill bimetal Bimetallic League bimetallists Bland-Allison Act Britain British government bullion capital certainty central banks classical gold classical gold standard coinage of silver commercial Committee Conference of 1878 Congress convention coordination game coordination-game countries debate Democratic depreciation of silver domestic economic Economist Europe exchange rates exchange-rate exports favored fixed exchange-rates focal point free coinage free silver German gold and silver gold coins gold monometallism gold monometallists gold reserves gold standard gold-standard regime greenbacks hegemonic stability hegemonic stability theory Ibid Indian government interests international bimetallic agreement international bimetallism international coinage International Monetary Conference issue Latin Union London metals monetary standard monometallism Parieu political President price deflation price of silver proposal remonetize silver Republican Resumption Ruggles Sherman silver coinage silver depreciation silver question silver remonetization silver-standard sterling tion tional trade Treasury twenty-five-franc piece U.K. Parliament U.S. Senate United vote weight