International Financial History in the Twentieth Century: System and Anarchy (Publications of the German Historical Institute)

Cover......Page 1
Half-title......Page 3
Series-title......Page 5
Title......Page 7
Copyright......Page 8
Contents......Page 9
Contributors......Page 11
Preface......Page 12
Introduction......Page 13
THE CLASSICAL GOLD STANDARD......Page 15
THE INTERWAR CATASTROPHE......Page 20
THE POSTWAR BOOM......Page 22
1 Caveat Emptor......Page 29
The Founding of the SEF: Speculations......Page 32
The First Years of the Service, 1871–1889......Page 35
The Rise of the SEF, 1889–1914......Page 38
The Public Debts Unit......Page 44
The Glory and the Power: SEF Propaganda During the Belle Epoque......Page 45
Fiscal Concerns, Statistical Doubts, and the Making of a Framework of Analysis......Page 47
“Une méthode rationnelle”......Page 50
Toward Quasi-Cardinal “Ratings”......Page 53
CONCLUSIONS: MARKET OPINION AND WILLINGNESS TO LEND......Page 60
APPENDIX: ESTIMATING THE LYONNAIS GRADING FORMULA......Page 61
2 Conduits for Long-Term Foreign Investment in the Gold Standard Era......Page 63
PORTFOLIO INVESTMENTS: GOVERNMENT BONDS TRADED ON FOREIGN MARKETS......Page 68
PORTFOLIO INVESTMENTS: RAILROAD BONDS TRADED ON FOREIGN MARKETS......Page 71
GENERALIZATIONS ON THESE PORTFOLIO INVESTMENTS......Page 72
OTHER PORTFOLIO INVESTMENTS......Page 73
DIRECT INVESTMENTS: FREE-STANDING COMPANIES......Page 74
DIRECT INVESTMENTS: CLASSIC MULTINATIONAL ENTERPRISES......Page 82
DIRECT INVESTMENTS: THE MIX AND THE NUMBERS......Page 84
CONCLUSION......Page 85
3 The Gold-Exchange Standard......Page 89
I......Page 91
II......Page 94
III......Page 98
4 The Bank of France and the Gold Standard, 1914–1928......Page 107
THE PROMISE TO RETURN TO GOLD, AUGUST 1914–JUNE 1924......Page 108
THE CARTEL DES GAUCHES AND THE CRISIS, 1924–1926......Page 116
RETURNING TO GOLD, 1926–1928......Page 129
INTRODUCTION......Page 137
THE POLITICAL ECONOMY OF THE 1930S......Page 141
KEYNES AND THE INTERNATIONAL MONETARY ORDER......Page 146
KEYNES AND SCHACHT......Page 153
ARTICLE VII......Page 158
THE UPSHOT......Page 159
CONCLUSION......Page 162
6 Bretton Woods and the European Neutrals, 1944–1973......Page 165
FROM THE STARTING POINT IN 1944 TO THE BREAKDOWN IN 1971–1973......Page 166
THE BRETTON WOODS CONFERENCE AS A CHALLENGE FOR SWITZERLAND......Page 172
7 The 1948 Monetary Reform in Western Germany......Page 181
BACKGROUND......Page 184
EARLY GERMAN THOUGHT......Page 186
INITIAL U.S. AND U.K. EXPLORATIONS......Page 187
BASIC IDEAS......Page 192
CONCLUSIONS......Page 202
REFERENCES......Page 204
I......Page 209
II......Page 211
III......Page 216
IV......Page 220
V......Page 223
9 Denationalizing Money?......Page 225
THE GOLD STANDARD ANDTHE “NATIONALIZATION OF MONEY”......Page 226
The Cosmopolitanism and Individualism of Economic Liberalism......Page 234
Popular Sovereignty and National Currencies......Page 237
TOWARDA DENATIONALIZATION OF MONEY?......Page 242
CONCLUSION......Page 248
OVERVIEW......Page 251
ANALYTICAL CONTEXT......Page 253
THE LEAGUE OF NATIONS AND INDUSTRIAL ORGANIZATION AND BUSINESS PRACTICE......Page 259
THE POSTWAR ECONOMIC ORDER......Page 267
TOWARD A NEW ORDER?......Page 271
Index......Page 277