Currency Stabilisation in the 1920s: Success or Failure?

D H Aldcroft

Economic Issues Journal Articles, 2002, vol. 7, issue 2, 83-102

Abstract: The currency stabilisation process of the 1920s - going back to gold - has been much maligned by scholars past and present. That it had defects and eventually collapsed in the 1930s should not obscure our view of the motives for the return. Given the chaotic currency and financial situation following the First World War, it was inevitable that stabilisation would involve some form of fixed exchange rate system. The new gold standard was by no means perfect but in the conditions obtaining at the time it is very likely that this would have been true of any form of fixed exchange rate system. However, for most countries and, for the global economy, stabilisation appears to have been economically beneficial.

Date: 2002
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