The Bank of England and the Great Depression

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Chapter 4 in A Comparative History of Central Bank Behavior, 2022, pp 64-102 from Edward Elgar Publishing

Abstract: The resumption decision after World War I was essentially the same as after 1815, but the U.K. was economically weaker after the latter while the Bank of England had become a government bureaucracy determined to return to its pre-1914 financial position as soon as possible with little regard for the domestic economy. High unemployment, made worse by the Great Depression, increased public opposition to tight money and, in 1931, another suspension of the gold standard - this time permanent as employment became less subservient to the exchange rate in the post-Keynesian world.

Keywords: Business and Management; Economics and Finance (search for similar items in EconPapers)
Date: 2022
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