Dismantling the cross of gold: economic crises and U.S. monetary policy

The advent of the Euro has put the spotlight on international monetary policy. Could a new world currency be created? Could there be a return to international fixed exchange rates? The history of the American response to the gold standard in its various forms suggests one theme. At key moments durin...

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Bibliographic Details
Published in:The North American journal of economics and finance 2000-08, Vol.11 (1), p.77-104
Main Author: Mitchell, Daniel J.B.
Format: Article
Language:English
Subjects:
American dollar
Economic crisis
Euro
European Monetary Union
Fixed exchange rates
Gold
History
International finance
International monetary arrangements
Monetary policy
Sovereignty
Studies
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Summary:The advent of the Euro has put the spotlight on international monetary policy. Could a new world currency be created? Could there be a return to international fixed exchange rates? The history of the American response to the gold standard in its various forms suggests one theme. At key moments during the 20th century, the U.S. chose domestic monetary sovereignty over international obligations. This address traces the history of American attitudes toward gold from the 1890s to the present. That history suggests that creation of any currency system requiring loss of U.S. national monetary sovereignty is most unlikely.
ISSN:1062-9408
1879-0860
DOI:10.1016/S1062-9408(00)00028-0