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The Reconstructed International Monetary System and the Process of Its Collapse—Rueff, the Unwavering Theorist

In: The Truth of Liberal Economy

Author

Listed:
  • Yasuo Gonjo

    (Yokohama National University)

  • Kazuhiko Yago

    (Waseda University)

  • Patrick Fridenson

    (Ecole des Hautes Etudes en Sciences Sociales)

Abstract

The international monetary system was marked by the adoption of the gold exchange standard in 1922. This was followed by the confrontation between Britain and France regarding the return to the gold standard, the arrival of the Great Depression, and the formation of the Popular Front government in 1936. During this period, Rueff was appointed Treasurer in London, Deputy Director General for International Finance at the Ministry of Finance, and Director General of the Treasury Department. Rueff opposed the gold exchange standard from the side of “monetary orthodoxy,” while Keynes argued for a “modified gold standard,” which would remove the restriction of gold from the issuance of currency. As for the Great Depression, Rueff argued that the credit creation function brought about by the gold exchange standard in the United Kingdom and the United States created excessive liquidity. The gold exchange standard was, according to Rueff, a “terrible inflationary device” and “the gold exchange standard was the cause of the Great Depression.”

Suggested Citation

  • Yasuo Gonjo & Kazuhiko Yago & Patrick Fridenson, 2023. "The Reconstructed International Monetary System and the Process of Its Collapse—Rueff, the Unwavering Theorist," Springer Studies in the History of Economic Thought, in: The Truth of Liberal Economy, chapter 0, pages 29-38, Springer.
    • Handle: RePEc:spr:spshcp:978-981-99-0841-7_5
    DOI: 10.1007/978-981-99-0841-7_5
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