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Over the twentieth century monetary theory played a crucial role in the evolution of the international monetary system. The severe shocks and monetary gyrations of the interwar years interacted with theoretical developments that superseded the rigid rules of commodity standards and led to the full-fledged conception of monetary policy. The definitive demise of the gold standard then paved the way for monetary reconstruction. Monetary theory was a decisive factor in the design of the reform proposals, in the Bretton Woods negotiations, and in forging the new monetary order. The Bretton Woods system - successful but nevertheless short-lived - suffered from latent inconsistencies, both analytical and institutional, which fatally undermined the foundations of the postwar monetary architecture and brought about the epochal transition from commodity money to fiat money.Read more
- Major reinterpretation of topic of perrenial interest
- Author is internationally known for this topic
- Based on primary and secondary sources
Reviews & endorsements
"In this remarkable synthesis of the history of economic thought and the history of the international monetary system, Ceserano tells how the world made the transition from the gold standard in 1914 to fiat money in 1971....Highly recommended." -- ChoiceSee more reviews
"This is a timely thought-provoking account by a central banker (the head of the Historical Research Office of the Bank of Italy) of the long and often uncertain transition from the classical gold standard to the unprecendented fiat monetary system prevailing at the end of the twentieth century...I recommend it as an efficient account of the relevant theories and policies during the transition from the classical gold standard." - John H. Wood, Wake Forest University EH.NET
"This book is an excellent description of the evolution of monetary theory and history and gives an excellent account of the interaction of theory and events over time."
Kristen Wandschneider, Journal of Economic History
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- Date Published: November 2008
- format: Paperback
- isbn: 9780521739092
- length: 262 pages
- dimensions: 227 x 154 x 16 mm
- weight: 0.36kg
- availability: In stock
Table of Contents
2. International monetary equilibrium and the properties of the gold standard
3. The international monetary system between the world wars
4. The monetary system in economic analysis: the critique of the gold standard
5. The Great Depression: overturning the state of the art
6. Providing for a new monetary order
7. The Bretton Woods Agreements
8. Bretton Woods and after.
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