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The Nationalization of Currencies in the Gold Standard System

Author

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  • Carlo Comaschi

Abstract

This article was written following the Gold Standard suspension by the United States in March 1933. The author discusses the correlation between the sharp decrease drop in the price of goods and the parallel increase in the price of gold, suggesting that the these processes are rooted both in the use of gold as true currency, rather than as a standard of value for all national currencies, and in the huge demand for gold as a store of value in times of uncertainty. The author proposes the institution of a Gold Bullion Standard, with the issue of legal tender money still regulated by gold possession; actual circulation and convertibility of gold should however be banned and gold should be used as a medium of international exchange only. Moreover, he points out the need for the establishment of a system of multilateral clearings in order to restart international trade and foster economic recovery on a sounder basis.

Suggested Citation

  • Carlo Comaschi, 2011. "The Nationalization of Currencies in the Gold Standard System," Rivista Internazionale di Scienze Sociali, Vita e Pensiero, Pubblicazioni dell'Universita' Cattolica del Sacro Cuore, vol. 119(3/4), pages 357-368.
    • Handle: RePEc:vep:journl:y:2011:v:119:i:3/4:p:357-368
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    More about this item

    Keywords

    national and international monetary policies;

    JEL classification:

    • B2 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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