The Genova Conference of 1922: A Reassessment after 100 Years

Giovanni Battista Pittaluga
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Giovanni Battista Pittaluga: Department of Political Sciences, University of Genova, Italy

Economia Internazionale / International Economics, 2023, vol. 76, issue 4, 567-596

Abstract: At the Genoa Conference, the characteristics of the post-war international monetary order or Gold Exchange Standard were defined. This system, lasted for only a few years: from 1925 to 1931 and was followed by a period of sever monetary disorder, which only ended after the conclusion of the Second World War with the Bretton Woods Agreements. The Gold Exchange Standard could have only function if there have been a good level of cooperation between central banks. However, this latter, even if initially remained high, since 1927 it gradually diminished. This is not surprising. In fact, in the international multipolar equilibrium that emerged after World War I and the Treaty of Versailles cooperation was problematic since each country places great weight on the relative gains from cooperation for fear that another country might benefit more and eventually become a threat to its security. La Conferenza di Genova del 1922: una rivalutazione 100 anni dopo Alla Conferenza di Genova furono definite le caratteristiche dell'ordine monetario internazionale del dopoguerra o Gold Exchange Standard. Questo sistema durò solo pochi anni: dal 1925 al 1931 e fu seguito da un periodo di gravi disordini monetari, che terminò solo dopo la conclusione della seconda guerra mondiale con gli accordi di Bretton Woods. Il Gold Exchange Standard avrebbe potuto funzionare solo se ci fosse stato un buon livello di cooperazione tra le banche centrali. Tuttavia, tale cooperazione, anche se inizialmente fu elevata, dal 1927 diminuì significativamente. Ciò non stupisce. Infatti, nell'equilibrio multipolare internazionale emerso dopo la prima guerra mondiale e il Trattato di Versailles, la cooperazione era problematica poiché ogni paese attribuiva grande importanza ai relativi vantaggi derivanti dalla cooperazione per paura che un altro paese potesse trarne maggiori benefici e alla fine diventare una minaccia per la sua sicurezza.

Keywords: Genoa Conference; International Monetary System; International Relations (search for similar items in EconPapers)
JEL-codes: E42 F33 N14 (search for similar items in EconPapers)
Date: 2023
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