Skip to main content
SpringerLink
Log in

From Birth of Dollar Hegemony Towards the 1929 Crisis

  • Chapter
  • First Online:
Europe's Century of Crises Under Dollar Hegemony

Abstract

Did the establishment of the Gold Exchange Standard at the Genoa Conference (1922) play a role in the Great Crisis of 1929? This has been a strongly argued hypothesis but one which the authors qualify in key respects. Rather they emphasize the globally destabilizing policy pursued by the new monetary hegemon, the Federal Reserve, specially its role in creating the credit bubble and subsequent bust in the Weimar Republic. This chapter includes a historical analysis of dollar hegemony which turns much of the conventional wisdom about this on its head.

This is a preview of subscription content, log in via an institution to check access.

Access this chapter

Log in via an institution
eBook
USD 19.99
Price excludes VAT (USA)
  • Available as EPUB and PDF
  • Read on any device
  • Instant download
  • Own it forever
Softcover Book
USD 29.99
Price excludes VAT (USA)
  • Compact, lightweight edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info

Tax calculation will be finalised at checkout

Purchases are for personal use only

Institutional subscriptions

References

  • Brown B. (2015). A Global Monetary Plague. London: Palgrave.

    Google Scholar 

  • Eichengreen, B. (1987a). Conducting the International Orchestra: Bank of England Leadership Under the Classical Gold Standard. Journal of International Monetary Finance, 6, 5–29.

    Article  Google Scholar 

  • Eichengreen, B. (1987b). Hegemonic Stability Theories of the International Monetary System. NBER Working Paper 2193, March 1987.

    Google Scholar 

  • Gerlach, S., & Kugler, P. (2015). Back to Gold: Sterling in 1925. CFS Working Paper no. 515, Goethe University.

    Google Scholar 

  • Green, G. (2018). Monetary Policy Spillovers in the First Age of Financial Globalization 1884–1913. Bank of England Working Paper 718, March 2018.

    Google Scholar 

  • Koning, J. (2009). How the Fed Helped to Pay for World War One. Auburn: Mises Institute.

    Google Scholar 

  • Meardon, S. (2013). On Kindleberger and Hegemony: From Berlin to MIT and Back. Bowdon College Working Paper 29, September 2013.

    Google Scholar 

  • Meltzer, A. H. (2003). A History of the Federal Reserve. Vol. 1: 1913–51. University of Chicago.

    Google Scholar 

  • Pollock, A. (2013). The Fed Is as Bad as Knowing the Future as Everyone Else Coup de Whiskey in 1927 (Statement Before House Committee on Financial Services) September 2013.

    Google Scholar 

  • Salerno, J. T. (2019). Paul Volcker: The Man Who Vanquished Gold. Mises Wire.

    Google Scholar 

  • Spahn, H.-P. (2001). The Hegemony of the Pound Sterling in Gold Standard. In From Gold to Euro (pp. 97–125). Springer Verlag.

    Google Scholar 

Download references

Author information

Authors and Affiliations

  1. Hudson Institute, Washington, DC, USA

    Brendan Brown

  2. Paris, France

    Philippe Simonnot

Authors
  1. Brendan Brown
    View author publications

    You can also search for this author in PubMed Google Scholar

  2. Philippe Simonnot
    View author publications

    You can also search for this author in PubMed Google Scholar

Rights and permissions

Reprints and permissions

Copyright information

© 2020 The Author(s)

About this chapter

Check for updates. Verify currency and authenticity via CrossMark

Cite this chapter

Brown, B., Simonnot, P. (2020). From Birth of Dollar Hegemony Towards the 1929 Crisis. In: Europe's Century of Crises Under Dollar Hegemony. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-030-46653-4_4

Download citation

  • DOI: https://doi.org/10.1007/978-3-030-46653-4_4

  • Published:

  • Publisher Name: Palgrave Macmillan, Cham

  • Print ISBN: 978-3-030-46652-7

  • Online ISBN: 978-3-030-46653-4

  • eBook Packages: HistoryHistory (R0)

Publish with us

Policies and ethics

Search

Navigation