 Power Relations and Monetary Ideas: The Case of the Gold-Exchange Standard in IndiaGhislain Deleplace Review of Political Economy, 2023, vol. 35, issue 2, 394-406 Abstract: For de Cecco power relations are central in the working of the pre-WWI international gold standard. He gives an illustration of that in the chapter of Money and Empire devoted to the relationship between Britain and India, where the gold-exchange standard is presented as a way for Britain to get hold of India’s trade surplus with the rest of the world in order to balance her own international accounts. On the contrary, Keynes praised the Indian gold-exchange standard as a system which not only allowed stabilising India’s relations with the outside world but also pointed the way to a better-regulated monetary system for any country, in the line of Ricardo’s Ingot Plan nearly one century older. The same notion may thus be seen alternatively as a powerful tool of domination or as a good practical idea. The paper describes how Lindsay adapted Ricardo’s scheme to India and contrasts de Cecco’s and Keynes’s interpretations of the Indian gold-exchange standard, before suggesting that monetary ideas can prevail in their own right when they are theoretically well-founded and practically feasible, independently of the power relations they may reflect. Date: 2023 Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:taf:revpoe:v:35:y:2023:i:2:p:394-406 Ordering information: This journal article can be ordered from DOI: 10.1080/09538259.2022.2099659 Access Statistics for this article Review of Political Economy is currently edited by Steve Pressman and Louis-Philippe Rochon More articles in Review of Political Economy from Taylor & Francis Journals |
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