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Gold and South Africa’s Great Depression

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  • Barry Eichengreen

Abstract

In this paper I seek to understand the roots of South African macroeconomic outperformance since 1929 and whether it can be reconciled with what I have described as conventional wisdom about recovery from the Depression. Unsurprisingly, I find a way of fitting South Africa into that story. In addition, I try to understand better why, if going off the gold standard was so beneficial, indeed even more beneficial for South Africa than for other countries, it was so strongly resisted.

Suggested Citation

  • Barry Eichengreen, 2021. "Gold and South Africa’s Great Depression," Economic History of Developing Regions, Taylor & Francis Journals, vol. 36(2), pages 175-193, May.
    • Handle: RePEc:taf:rehdxx:v:36:y:2021:i:2:p:175-193
    DOI: 10.1080/20780389.2021.1891879
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    References listed on IDEAS

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    1. Eichengreen, Barry & Irwin, Douglas A., 2010. "The Slide to Protectionism in the Great Depression: Who Succumbed and Why?," The Journal of Economic History, Cambridge University Press, vol. 70(4), pages 871-897, December.
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    3. Miguel Almunia & Agustín Bénétrix & Barry Eichengreen & Kevin H. O’Rourke & Gisela Rua, 2010. "From Great Depression to Great Credit Crisis: similarities, differences and lessons [Germany: Guns, butter, and economic miracles]," Economic Policy, CEPR, CESifo, Sciences Po;CES;MSH, vol. 25(62), pages 219-265.
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    8. Romer, Christina D., 1992. "What Ended the Great Depression?," The Journal of Economic History, Cambridge University Press, vol. 52(4), pages 757-784, December.
    9. Gary Richardson & William Troost, 2009. "Monetary Intervention Mitigated Banking Panics during the Great Depression: Quasi-Experimental Evidence from a Federal Reserve District Border, 1929-1933," Journal of Political Economy, University of Chicago Press, vol. 117(6), pages 1031-1073, December.
    10. Degorce, Victor & Monnet, Eric, 2024. "The Great Depression as a Savings Glut," The Journal of Economic History, Cambridge University Press, vol. 84(3), pages 874-916, September.
    11. Feinstein,Charles H., 2005. "An Economic History of South Africa," Cambridge Books, Cambridge University Press, number 9780521850919, January.
    12. Ichiro Sugimoto, 2011. "Economic Growth of Singapore in the Twentieth Century:Historical GDP Estimates and Empirical Investigations," World Scientific Books, World Scientific Publishing Co. Pte. Ltd., number 7858, December.
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