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 2015
  • Political Science, Economics
  • 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… Expand
  • James. Morrison
  • Political Science, Economics
  • Journal of the History of Economic Thought
  • 2015
The demise of the US central bank in the 1830s “Bank War” remains one of the most significant shifts in the history of American political and economic development. Traditional accounts frame the bankExpand
Governing by Panic: The Politics of the Eurozone Crisis
The Eurozone’s reaction to the economic crisis beginning in late 2008 involved both efforts to mitigate the arbitrarily destructive effects of markets and vigorous pursuit of policies aimed atExpand
Governing by Panic
The Eurozone’s reaction to the crisis beginning in late 2008 involved not only efforts to mitigate the arbitrarily destructive effects of markets but also vigorous pursuit of policies aimed atExpand
Monetary War and Peace
The international monetary system imploded during the Great Depression. As the conventional narrative goes, the collapse of the gold standard and the rise of competitive devaluation sparked aExpand
The Fate of International Monetary Systems: How and Why They Fall Apart
  • J. Seddon
  • Economics
  • Perspectives on Politics
  • 2020
The collapses of the interwar and Bretton Woods monetary regimes have been understood as evidence that international monetary regimes fail when sudden economic shocks destabilize the politicalExpand
Why do states in conflict with each other also sustain resilient cooperation in international regulation? Britain and telegraphy, 1860s–1914
This article compares the explanatory power of five mainstream theories from International Relations, political science and public management in understanding why – when they are engaged in deepeningExpand
Planning laissez-faire: Supranational central banking and structural reforms
The impact of international economic integration on social protection is conditional on the monetary regime. This key insight of both Polanyi and Ruggie has been neglected in the Polanyi-inspiredExpand
The Politics of Bad Options
The introductory chapter lays out the main research questions and puzzles motivating the book: Why did the Eurozone crisis prove so difficult to resolve? Why were adjustment burdens distributed soExpand
Political Psychology in International Relations: Beyond the Paradigms
Political psychology in international relations (IR) has undergone a dramatic transformation in the past two decades, mirroring the broader changes occurring in IR itself. This review examines theExpand
Hegemonic leadership is what states make of it: reading Kindleberger in Washington and Berlin
What explains the nature of a dominant state’s systemic crisis response? In the wake of the global financial crisis of 2008, the U.S. acted as the hegemon for the world economy, showing ‘benign’ le...


Before Hegemony: Adam Smith, American Independence, and the Origins of the First Era of Globalization
Abstract While extensive scholarship has shown that it is possible to maintain global economic openness after hegemony, economic liberalization is still thought to be unlikely prior to hegemonicExpand
Trade Policy Disaster: Lessons from the 1930s
The recent economic crisis--with the plunge in the stock market, numerous bank failures and widespread financial distress, declining output and rising unemployment--has been reminiscent of the GreatExpand
Capital Ideas: The IMF and the Rise of Financial Liberalization
The right of governments to employ capital controls has always been the official orthodoxy of the International Monetary Fund, and the organization's formal rules providing this right have notExpand
From the Corn Laws to Free Trade: Interests, Ideas, and Institutions in Historical Perspective
The repeal of Britain's Corn Laws in 1846--one of the most important economic policy decisions of the nineteenth century--has long intrigued and puzzled political scientists, historians, andExpand
The Political Power of Economic Ideas: Keynesianism across Nations
John Maynard Keynes once observed that the "ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood." TheExpand
Who Adjusts? Domestic Sources of Foreign Economic Policy during the Interwar Years
This study presents a fresh view of why governments decided to abide by or defect from the gold standard during the 1920s and 1930s. Previous studies of the spread of the Great Depression haveExpand
Golden Fetters: The Gold Standard and the Great Depression, 1919-1939
This book is a reassessment of the international monetary crises of the post-World War I period that led to the Great Depression of the 1930s. It also analyses the responses of the world economicExpand
Global Capitalism: Its Fall and Rise in the Twentieth Century
International trade at unprecedented levels, millions of people migrating yearly in search of jobs, the world's economies more open to one another than ever before...Such was the global economy inExpand
Globalizing Capital: A History of the International Monetary System
The importance of the International Monetary System is evident in the daily news stories about fluctuating currencies and in dramatic events, such as the recent reversals in the Mexican economy. ItExpand
A Monetary History of the United States
Writing in the June  issue of the Economic Journal, Harry G. Johnson begins with a sentence seemingly calibrated to the scale of the book he set himself to review: “The long-awaited monetaryExpand