Silver and Gold: The Political Economy of International Monetary Conferences, 1867-1892

by Steven Reti

Overview

For many observers of international politics, the classical gold standard is the premier example of successful international monetary cooperation. Curiously, most studies portray this 19th century system as a spontaneous development. Reti, after a thorough investigation of diplomatic records, argues that the gold standard grew out of several years of international negotiation. At the Conference of 1867, delegates for 20 states debated the monetary standard and agreed to adopt gold as soon as possible. In response to worldwide deflation from 1873 to 1896, the Conferences of 1878, 1881, and 1892 reconsidered the merits of gold, and the leading states reaffirmed their adherence to the gold standard. Reti uses theories of international regimes to explain the roles of hegemonic power, domestic politics, and causal beliefs on conference diplomacy. He asserts that the classical gold standard can best be understood as a coordination game in which negotiations informed nations about how to cooperate.

Product Details

ISBN-13:	9780313304095
Publisher:	Bloomsbury Academic
Publication date:	05/26/1998
Series:	Contributions in Economics and Economic History , #194
Pages:	224
Product dimensions:	6.00(w) x 9.00(h) x 0.62(d)
Lexile:	1380L (what's this?)

About the Author

STEVEN P. RETI is a visiting research scholar at the University of California, Santa Barbara. He has been a visiting professor at Austin College in Sherman, Texas, and at Scripps College in Claremont, California.

Table of Contents

Introduction
The Question of Monetary Cooperation
Choosing Gold: The Conference of 1867
The Battle of the Standards Begins: The Conference of 1878
The Battle of the Standards Continues: The Conference of 1881
The Culmination of the Battle of the Standards: The Conference of 1892
The Politics of the International Monetary Conferences
Conclusion
Appendices
References

Editorial Reviews

An account of the monetary diplomacy surrounding the origins and maintenance of the classical gold standard. The author provides a case-study analysis of the International Monetary Conferences of 1867, 1878, 1881, and 1892, tracing the developments from the initial selection of gold as the standard to the international negotiations that followed. The author is concerned with how the study of the gold standard can shed light on current international cooperation, domestic requirements for international agreements, and the role of ideas in these debates. Appends information about the commercial ratio of silver to gold from 1792 to 1914, and the world production and monetary value of these two precious metals. Annotation c. by Book News, Inc., Portland, Or.

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