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Notes and Discussions - The Memorable Events of the "Sterling Standard"

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  • Serafino MAJEROTTO

Abstract

The article is a commentary to Paul Einzig’s book The Comedy of the Pound Sterling. The article heavily criticizes British monetary policy after the flotation of the pound in September 1931. More generally, it takes a critical stance against the Gold Exchange Standard. The multicentral nature of the international financial system and the use of exchanges instead of gold in international settlements considerably worsened the world economic situation. Stronger cooperation between central banks, together with the restoration of a full-fledged Gold Standard and a sound fiscal policy are depicted as the only means to restore trust in the world markets and foster a durable recovery.

Suggested Citation

  • Serafino MAJEROTTO, 2011. "Notes and Discussions - The Memorable Events of the "Sterling Standard"," Rivista Internazionale di Scienze Sociali, Vita e Pensiero, Pubblicazioni dell'Universita' Cattolica del Sacro Cuore, vol. 119(3/4), pages 369-380.
    • Handle: RePEc:vep:journl:y:2011:v:119:i:3/4:p:369-380
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    More about this item

    Keywords

    international economic policy; Einzig; Gold Exchange Standard;
    All these keywords.

    JEL classification:

    • B2 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925
    • F5 - International Economics - - International Relations, National Security, and International Political Economy

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