Shocking Intellectual Austerity: The Role of Ideas in the Demise of the Gold Standard in Britain

  title={Shocking Intellectual Austerity: The Role of Ideas in the Demise of the Gold Standard in Britain},
  author={James. Morrison},
  journal={International Organization},
  pages={175 - 207}
  • James. Morrison
  • Published 14 December 2015
  • Economics, History
  • International Organization
Abstract Britain's 1931 suspension of the gold standard remains one of the most shocking policy shifts of the past century. Conventional explanations focus on changing international conditions alongside the rise of social democracy: when Britons refused to shoulder the increasing costs of defending the exchange rate, the Bank of England was “forced” to abandon the gold standard. This article refocuses attention on policy-makers’ causal ideas at critical moments. Drawing on numerous primary… 
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