In Search of the Main Cause of the Spread of the Gold Standard Before World War I: an Attempt at Classification and Preliminary Assessment of Positions
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Opublikowane:
wrz 30, 2019
Słowa kluczowe:
Rynek złota, Złoto, Historia
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Abstrakt
The aim of the article is to outline the history of the spread of gold standard before 1914, to identify and conceptualise representative positions as regards causes of this process, and finally, to provide preliminary assessment of the presented arguments. Gold monometallism was born in Great Britain in the late 18th century (de facto) and shortly a!er the Napoleonic Wars (de iure). First followers emerged in the thh and sixth decade of the 19th century, but most numerous transfers to the gold standard were to be witnessed in the 70s, 80s and 90s. On the verge of World War I, the gold standard functioned, formally or actually, in over 80 territory units (states, semi-colonies, colonies) with approximately 45 different currencies. Alternative monetary systems, among others bimetallism and the silver standard, found themselves on the margin. Four groups of decision-motivations, determining the gold standard victory, are discussed in the source literature. The author classifies them as imitation-status, political-social, technological-institutional and functional-situational motivations, and analyses in further sections of the article, respectively. The conclusion is that all distinguished groups of motivations are prone to falsifying criticism. Hence, instead of searching decisive 'flywheels' responsible for the gold standard domination in the pre-first-war world, historians and economists should explore in their studies more than ever specific and changing decision-motivations of individual countries.(original abstract)
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Luszniewicz, J. (2019). In Search of the Main Cause of the Spread of the Gold Standard Before World War I: an Attempt at Classification and Preliminary Assessment of Positions. Kwartalnik Kolegium Ekonomiczno-Społecznego. Studia I Prace, (3(39), 59–88. Pobrano z https://econjournals.sgh.waw.pl/kwes/article/view/3625
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Autor (Autorzy) artykułu oświadcza, że przesłane opracowanie nie narusza praw autorskich osób trzecich. Wyraża zgodę na poddanie artykułu procedurze recenzji oraz dokonanie zmian redakcyjnych. Przenosi nieodpłatnie na Oficynę Wydawniczą SGH autorskie prawa majątkowe do utworu na polach eksploatacji wymienionych w art. 50 Ustawy z dnia 4 lutego 1994 r. o prawie autorskim i prawach pokrewnych – pod warunkiem, że praca została zaakceptowana do publikacji i opublikowana.
Oficyna Wydawnicza SGH posiada autorskie prawa majątkowe do wszystkich treści czasopisma. Zamieszczenie tekstu artykuły w repozytorium, na stronie domowej autora lub na innej stronie jest dozwolone o ile nie wiąże się z pozyskiwaniem korzyści majątkowych, a tekst wyposażony będzie w informacje źródłowe (w tym również tytuł, rok, numer i adres internetowy czasopisma).
Osoby zainteresowane komercyjnym wykorzystaniem zawartości czasopisma proszone są o kontakt z Redakcją.
Bibliografia
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17. Einaudi L., Money and Politics: European Monetary Uni%cation and the International Gold Standard (1865-1973), Oxford University Press, Oxford 2000.
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19. Flandreau M., As Good as Gold? Bimetallism in Equilibrium, 1850-1870, [in:] Monetary Standards and Exchange Rates, M. C. Marcuzzo, L. H. Officer, A. Rosselli (Eds.), Routledge, London-New York 1997.
20. Flandreau M., The French Crime of 1873: An Essay on the Emergence of the International Gold Standard, 1870-1880, The Journal of Economic History 1996, vol. 56, no. 4.
21. Flandreau M., The Glitter of Gold: France, Bimetallism and the Emergence of the International Gold Standard, 1848-1873, Oxford University Press, Oxford 2004.
22. Flandreau M., Was the Latin Union a Franc Zone?, [in:] International Monetary Systems in Historical Perspective, J. Reis (Ed.), Mac.Millan, London 1994.
23. Flandreau M., Water Seeks the Level: Modelling Bimetallic Exchange Rates and the Bimetallic Band, Journal of Money, Credit and Banking 2002, vol. 34, no. 2.
24. Flandreau M., Oosterlinck K., Was the Emergence of the International Gold Standard Expected? Evidence from Indian Government Securities, The Journal of Monetary Economics 2012, vol. 59, no. 7.
25. Flandreau M., Ugolini S., The Crisis of 1866, Graduate Institute of International and Development Studies Working Paper, No. 10/2014, The Graduate Institute, Geneva. www.repository.graduateinstitute>ch>record>files>Flandreau>Ugolini.pdf [accessed: 20.09.2019].
26. Ford A., The Gold Standard 1880-1914: Britain and Argentina, Clarendon Press, Oxford 1962.
27. Frieden J. A., The Dynamics of International Monetary Systems: International and Domestic Factors in the Rise, Reign, and Demise of the Classical Gold Standard, [in:] Coping with Complexity in the International System, J. Snyder, R. Jarvis (Eds.), Westview Press, Westview 1993.
28. Friedman M., Intrygujący pieniądz. Z historii systemów monetarnych, trans. K. Szlichciński, Lodz Publishing House, Łódź 1992.
29. Friedman M., The Crime of 1873, Journal of the Economy 1990, vol. 98, no. 6.
30. Gallarotti G. M., The Scramble for Gold: Monetary Regime Transformation in the 1870s, [in:] Monetary Regimes in Transition, M. D. Bordo, F. Capie (Eds.), Cambridge University Press, New York 1994.
31. Gray J., McLachlan J. A., A History of the Introduction of the MacArthur-Forrest cyanide process to the Witwatersrand goldfields, Journal of the Southern African Institute of Mining and Metallurgy 1932/1933, vol. 33, no. 12.
32. Green T. S., Central Bank Gold Reserves. An Historical Perspective since 1845, Research Study November 1999, no. 23, World Gold Council, www.WGC-central-bank-goldreserves. pdf [accessed: 16.09.2018].
33. Harpine W. D., From the Front Porch to the Front Page: McKinley and Bryan in the 1896 Presidential Campaign, Texas A&M University Press, College Station 2005.
34. Ickes B. W., Lecture Note on the Gold Standard (2006), www.econ.la.psu.edu/~bickes/ goldstd.pdf [accessed: 9.08.2019].
35. Kindleberger Ch., A Financial History of Western Europe, Allen and Unwin, London 1984.
36. Knafo S., The Gold Standard and the Origins of the Modern International Monetary System, Review of International Political Economy 2006, vol. 13, no. 1.
37. Leavens D. H., Silver Money, Principia Press Inc., Bloomoington 1939.
38. Luszniewicz J., Beginnings of the gold standard, [in:] Między stabilizacją a ekspansją. System finansowy w służbie modernizacji (z warsztatów badawczych historyków gospodarczych), J. Łazor, W. Morawski (Eds.), Gajt Publishing House, Wrocław 2014.
39. Luszniewicz J., Geneza systemu waluty złotej w Europie: aspekt krajowy i międzynarodowy, [in:] Systemy walutowe współczesnego świata, J. Łazor, W. Morawski (Eds.), Polish Society of Economic History, Warszawa 2018.
40. Mata M. E., Economic Ideas and Policies in Nineteenth-Century Portugal, https://run. unl.pl>bitstream< [accessed: 2809.2019]
41. Meissner C. M., A New World Order: Explaining the International Di)usion of the Gold Standard, 1870-1913, NBER Working Paper Series. Working Paper 9233, October 2002, http://www.nber.org./papers/w9233 [accessed: 16.08.2019].
42. Meissner C. M., The Limits of Bimetallism, University of California, Davis and NBER, February 8, 2013, https://www.clevelandfed.org/research/Conferences,2012/Meissner_ final_draft.pdf [accessed: 20.09.2018].
43. Mettenheim K., Monetary Statecraft in Brazil 1808-2014, Routledge, Abingdon- New York 2016.
44. Millward A. S., The Origins of the Gold Standard, [in:] Currency Convertibility. The Gold Standard and Beyond, J. Braga de Macedo, B. Eichengreen, J. Reis (Eds.), Routledge, London-New York 1996.
45. Monetary Systems of the Principal Countries of the World, Government Printing Office, Washington 1913.
46. Morys M., Adjustment under the Classical Gold Standard (1870s-1914): How Costly Did the External Constraint Come to the European Periphery?, [in:] The Experience of Exchange Rate Regimes in Southeastern Europe in a Historical and Comparative Perspectives, Second Conference of the South-Eastern European Monetary History Network (SEEMHN), April 13, 2007, 'Workshops. Proceedings of OeNB Workshops' 2008, No. 13, www.oenb.at/en/img/morys_i_tcm16-80924.pdf [accessed: 08.09.2016]
47. Morys M., The Emergence of the Classical Gold Standard, CHERRY Discussion Paper Series, January 2012, www.york.ac.uk./res/cherry/docs/1201dp.pdf [accessed: 23209.2016].
48. Officer L. H., Gold Standard, EH.Net Encyclopedia, R. Whaples (Ed.), March 26, 2008, URL, https://eh.net/encyclopedia/gold-standard [accessed: 15.09.2018].
49. Oppers S., Was the Worldwide Shift to Gold Inevitable? An Analysis of the End of Bimetallism, Journal of Monetary Economics 1996, vol. 37, no. 1.
50. Powell J., A History of Canadian Dollar, Bank of Canada, Ottawa 2005.
51. Redish A., Bimetallism: An Economic and Historical Analysis (Studies in Macroeconomic History), Cambridge University Press, Cambridge 2000.
52. Redish A., The Evolution of the Gold Standard in England, The Journal of Economic History 1990, vol. 50, no. 4.
53. Redish A., The Latin Monetary Union and the Emergence of the International Gold Standard, w: Monetary Regimes [in:] Transition, M. D. Bordo, F. Capie (Eds.), Cambridge University Press, New York 1994.
54. Redish A., The Persistence of Bimetallism in Nineteenth-Century France, The Economic History Review 1995, vol. 48, no. 4.
55. Reis J., First to Join Gold Standard, [in:] Currency Convertibility. The Gold Standard and Beyond, J. Braga de Macedo, B. Eichengreen, J. Reis (Eds.), Routledge, London-New York 1996.
56. Reti S. P., Silver and Gold. The Political Economy of the International Monetary Conferences, 1867-1992, Greenwood Press, Westport-London 1998.
57. Sargent T. J., Velde F. R., Wielki problem drobniaków, trans. J. Lang, Kurhaus, Warszawa 2012.
58. Schiltz M., Money on the Road to Empire: Japan's Adoption of Gold Monometallism 1873-1897, The Economic History Review 2011, vol. 65, no. 3." />
59. Selgin G., Good Money. Birmingham Button Makers, the Royal Mint, and the Beginnings of Modern Coinage, The Independent Institute. The Michigan University Press, Ann Arbor 2008.
60. Selgin G., Steam, Hot Air, and Small Change: Matthew Boulton and the Reform of Britain's Coinage, The Economic History Review, vol. 56, no. 3." />
61. Shakinovsky L., The 1857 Financial Crises and the Suspension of the 1844 Bank Act, www.branchcollective.org>ps_articles=lynn-shakinovsky-the-1857-financial-crises. pdf [accessed: 19.09.2019].
62. Wiegand J., Destabilizing the Global Monetary System: Germany's Adoption of the Gold Standard in the Early 1870s, IMF Working Paper, Strategy, Policy and Review Department, February 2019, https://www.imf.org>Publications>WPIEA2019032 [accessed: 28.09.2019].
63. Wilson T., Battles for the Standard. Bimetallism and the Spread of the Gold Standard in the Nineteenth Century, Ashgate Publishing, Aldreshot-Burlington-Singapore- Sydney 2000.
2. Bordo M. D., Kydland F. E., The Gold Standard as a Rule: An Essay in Exploration, Explorations in Economic History 1995, vol. 32, no. 4.
3. Bordo M. D., Rockoff H., The Gold Standard as a 'Good Housekeeping Seal of Approval, The Journal of Economic History 1996, vol. 56, no 2.
4. Bordo M. D., Schwartz A. J., A Specie Standard as a Contingent Rule: Some Evidence for Core and Peripheral Countries, 1880-1890, NBER Working Paper No. 4860, September 1994, https://www.nber.org/papers/w4860.pdf [accessed: 20.09.2019].
5. Bryan S., The Gold Standard and the Turn of the Twentieth Century. Rising Powers, Global Money and the Age of Empire, Columbia University Press, New York-Chichester 2010.
6. de Cecco M., The International Gold Standard: Money and Empire, St. Martin's Press, New York 1984.
7. Cippola C., Money, Prices, and Civilization in the Mediterranean World. Fifth to Seventeenth Century, Princeton University Press, Princeton 1956.
8. Cohen A., Cobden's Stance on the Currency and the Political Forces Behind the Approval of the Bank Charter Act of 1844, The European Journal of the History of Economic Thought 1998, vol. 5, no. 2.
9. Cooper R. N., The Gold Standard: Historical Facts and Future Prospects, Brooking Papers on Economic Activity 1982, t. 1, nr 1, s. 14 (Tab. 3).
10. Davidson A. C., The Gold Standard in Australia, Australian Quarterly 2008, vol. 80, no. 5.
11. Denzel M. A., Handbook of World Exchange Rates, Ashgate Publishing Co., Farnham- Burlington 2010.
12. Dornbusch R., Frenkel J. A., The Gold Standard and the Ban k of England in the Crisis of 1847, [in:] A Retrospective on the Classical Gold Standard, 1821-1931, M. D. Bordo, A. J. Schwartz (Eds.), University of Chicago Press, Chicago 1984.
13. Doty R., The World Coin. Matthew Boulton and His Industrialisation of Coinage, Interdisciplinary Sciences Review 1990, vol. 15, no. 2.
14. Eichengreen B., Globalizing Capital: A History of the International Monetary System, 2nd ed., Princeton University Press, Princeton 2008.
15. Eichengreen B., Flandreau M., The Geography of the Gold Standard, [in:] Currency Convertibility. The Gold Standard and Beyond, J. Braga de Macedo, B. Eichengreen, J. Reis (Eds.), Routledge, London-New York 1996.
16. Einaudi L., From the Franc to the 'Europe': The Attempted Transformation of the Latin Monetary Union into a European Monetary Union, 1865-1873, The Economic History Review 2000, vol. 53, no. 2.
17. Einaudi L., Money and Politics: European Monetary Uni%cation and the International Gold Standard (1865-1973), Oxford University Press, Oxford 2000.
18. Fernholz R., Mitchener K. J., Weidenmier M., Pulling up the Tarnished Anchor: The End of Silver as a Global Unit of Account, June 25, 2013, https://www.frbatlanta.org>- monetary-financial-history.pdf [accessed: 16.09.2019].
19. Flandreau M., As Good as Gold? Bimetallism in Equilibrium, 1850-1870, [in:] Monetary Standards and Exchange Rates, M. C. Marcuzzo, L. H. Officer, A. Rosselli (Eds.), Routledge, London-New York 1997.
20. Flandreau M., The French Crime of 1873: An Essay on the Emergence of the International Gold Standard, 1870-1880, The Journal of Economic History 1996, vol. 56, no. 4.
21. Flandreau M., The Glitter of Gold: France, Bimetallism and the Emergence of the International Gold Standard, 1848-1873, Oxford University Press, Oxford 2004.
22. Flandreau M., Was the Latin Union a Franc Zone?, [in:] International Monetary Systems in Historical Perspective, J. Reis (Ed.), Mac.Millan, London 1994.
23. Flandreau M., Water Seeks the Level: Modelling Bimetallic Exchange Rates and the Bimetallic Band, Journal of Money, Credit and Banking 2002, vol. 34, no. 2.
24. Flandreau M., Oosterlinck K., Was the Emergence of the International Gold Standard Expected? Evidence from Indian Government Securities, The Journal of Monetary Economics 2012, vol. 59, no. 7.
25. Flandreau M., Ugolini S., The Crisis of 1866, Graduate Institute of International and Development Studies Working Paper, No. 10/2014, The Graduate Institute, Geneva. www.repository.graduateinstitute>ch>record>files>Flandreau>Ugolini.pdf [accessed: 20.09.2019].
26. Ford A., The Gold Standard 1880-1914: Britain and Argentina, Clarendon Press, Oxford 1962.
27. Frieden J. A., The Dynamics of International Monetary Systems: International and Domestic Factors in the Rise, Reign, and Demise of the Classical Gold Standard, [in:] Coping with Complexity in the International System, J. Snyder, R. Jarvis (Eds.), Westview Press, Westview 1993.
28. Friedman M., Intrygujący pieniądz. Z historii systemów monetarnych, trans. K. Szlichciński, Lodz Publishing House, Łódź 1992.
29. Friedman M., The Crime of 1873, Journal of the Economy 1990, vol. 98, no. 6.
30. Gallarotti G. M., The Scramble for Gold: Monetary Regime Transformation in the 1870s, [in:] Monetary Regimes in Transition, M. D. Bordo, F. Capie (Eds.), Cambridge University Press, New York 1994.
31. Gray J., McLachlan J. A., A History of the Introduction of the MacArthur-Forrest cyanide process to the Witwatersrand goldfields, Journal of the Southern African Institute of Mining and Metallurgy 1932/1933, vol. 33, no. 12.
32. Green T. S., Central Bank Gold Reserves. An Historical Perspective since 1845, Research Study November 1999, no. 23, World Gold Council, www.WGC-central-bank-goldreserves. pdf [accessed: 16.09.2018].
33. Harpine W. D., From the Front Porch to the Front Page: McKinley and Bryan in the 1896 Presidential Campaign, Texas A&M University Press, College Station 2005.
34. Ickes B. W., Lecture Note on the Gold Standard (2006), www.econ.la.psu.edu/~bickes/ goldstd.pdf [accessed: 9.08.2019].
35. Kindleberger Ch., A Financial History of Western Europe, Allen and Unwin, London 1984.
36. Knafo S., The Gold Standard and the Origins of the Modern International Monetary System, Review of International Political Economy 2006, vol. 13, no. 1.
37. Leavens D. H., Silver Money, Principia Press Inc., Bloomoington 1939.
38. Luszniewicz J., Beginnings of the gold standard, [in:] Między stabilizacją a ekspansją. System finansowy w służbie modernizacji (z warsztatów badawczych historyków gospodarczych), J. Łazor, W. Morawski (Eds.), Gajt Publishing House, Wrocław 2014.
39. Luszniewicz J., Geneza systemu waluty złotej w Europie: aspekt krajowy i międzynarodowy, [in:] Systemy walutowe współczesnego świata, J. Łazor, W. Morawski (Eds.), Polish Society of Economic History, Warszawa 2018.
40. Mata M. E., Economic Ideas and Policies in Nineteenth-Century Portugal, https://run. unl.pl>bitstream< [accessed: 2809.2019]
41. Meissner C. M., A New World Order: Explaining the International Di)usion of the Gold Standard, 1870-1913, NBER Working Paper Series. Working Paper 9233, October 2002, http://www.nber.org./papers/w9233 [accessed: 16.08.2019].
42. Meissner C. M., The Limits of Bimetallism, University of California, Davis and NBER, February 8, 2013, https://www.clevelandfed.org/research/Conferences,2012/Meissner_ final_draft.pdf [accessed: 20.09.2018].
43. Mettenheim K., Monetary Statecraft in Brazil 1808-2014, Routledge, Abingdon- New York 2016.
44. Millward A. S., The Origins of the Gold Standard, [in:] Currency Convertibility. The Gold Standard and Beyond, J. Braga de Macedo, B. Eichengreen, J. Reis (Eds.), Routledge, London-New York 1996.
45. Monetary Systems of the Principal Countries of the World, Government Printing Office, Washington 1913.
46. Morys M., Adjustment under the Classical Gold Standard (1870s-1914): How Costly Did the External Constraint Come to the European Periphery?, [in:] The Experience of Exchange Rate Regimes in Southeastern Europe in a Historical and Comparative Perspectives, Second Conference of the South-Eastern European Monetary History Network (SEEMHN), April 13, 2007, 'Workshops. Proceedings of OeNB Workshops' 2008, No. 13, www.oenb.at/en/img/morys_i_tcm16-80924.pdf [accessed: 08.09.2016]
47. Morys M., The Emergence of the Classical Gold Standard, CHERRY Discussion Paper Series, January 2012, www.york.ac.uk./res/cherry/docs/1201dp.pdf [accessed: 23209.2016].
48. Officer L. H., Gold Standard, EH.Net Encyclopedia, R. Whaples (Ed.), March 26, 2008, URL, https://eh.net/encyclopedia/gold-standard [accessed: 15.09.2018].
49. Oppers S., Was the Worldwide Shift to Gold Inevitable? An Analysis of the End of Bimetallism, Journal of Monetary Economics 1996, vol. 37, no. 1.
50. Powell J., A History of Canadian Dollar, Bank of Canada, Ottawa 2005.
51. Redish A., Bimetallism: An Economic and Historical Analysis (Studies in Macroeconomic History), Cambridge University Press, Cambridge 2000.
52. Redish A., The Evolution of the Gold Standard in England, The Journal of Economic History 1990, vol. 50, no. 4.
53. Redish A., The Latin Monetary Union and the Emergence of the International Gold Standard, w: Monetary Regimes [in:] Transition, M. D. Bordo, F. Capie (Eds.), Cambridge University Press, New York 1994.
54. Redish A., The Persistence of Bimetallism in Nineteenth-Century France, The Economic History Review 1995, vol. 48, no. 4.
55. Reis J., First to Join Gold Standard, [in:] Currency Convertibility. The Gold Standard and Beyond, J. Braga de Macedo, B. Eichengreen, J. Reis (Eds.), Routledge, London-New York 1996.
56. Reti S. P., Silver and Gold. The Political Economy of the International Monetary Conferences, 1867-1992, Greenwood Press, Westport-London 1998.
57. Sargent T. J., Velde F. R., Wielki problem drobniaków, trans. J. Lang, Kurhaus, Warszawa 2012.
58. Schiltz M., Money on the Road to Empire: Japan's Adoption of Gold Monometallism 1873-1897, The Economic History Review 2011, vol. 65, no. 3." />
59. Selgin G., Good Money. Birmingham Button Makers, the Royal Mint, and the Beginnings of Modern Coinage, The Independent Institute. The Michigan University Press, Ann Arbor 2008.
60. Selgin G., Steam, Hot Air, and Small Change: Matthew Boulton and the Reform of Britain's Coinage, The Economic History Review, vol. 56, no. 3." />
61. Shakinovsky L., The 1857 Financial Crises and the Suspension of the 1844 Bank Act, www.branchcollective.org>ps_articles=lynn-shakinovsky-the-1857-financial-crises. pdf [accessed: 19.09.2019].
62. Wiegand J., Destabilizing the Global Monetary System: Germany's Adoption of the Gold Standard in the Early 1870s, IMF Working Paper, Strategy, Policy and Review Department, February 2019, https://www.imf.org>Publications>WPIEA2019032 [accessed: 28.09.2019].
63. Wilson T., Battles for the Standard. Bimetallism and the Spread of the Gold Standard in the Nineteenth Century, Ashgate Publishing, Aldreshot-Burlington-Singapore- Sydney 2000.