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New Zealand in the Depression: Devaluation without a Balance-of-Payments Crisis

In: The World Economy and National Economies in the Interwar Slump

Author

Listed:
  • John Singleton

Abstract

New Zealand, with a population of less than two million souls, was the smallest, except for Newfoundland, of the politically independent British dominions in the 1920s and 1930s. New Zealand enjoyed one of the highest levels of income per capita in the world; the efficiency of its live-stock industry was unsurpassed; and its state was a pioneer of social reform. Economically, the ties between New Zealand and Britain were extremely strong. Eighty per cent or more of the country’s exports, which consisted of wool, meat, and dairy produce, were regularly consigned to the mother country. It is clear that the Depression was transmitted to New Zealand by falling commodity prices in the British market.

Suggested Citation

  • John Singleton, 2003. "New Zealand in the Depression: Devaluation without a Balance-of-Payments Crisis," Palgrave Macmillan Books, in: Theo Balderston (ed.), The World Economy and National Economies in the Interwar Slump, chapter 7, pages 172-190, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-53668-5_7
    DOI: 10.1057/9780230536685_7
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    Cited by:

    1. Martin Ellison & Sang Seok Lee & Kevin Hjortshøj O'Rourke, 2024. "The Ends of 27 Big Depressions," American Economic Review, American Economic Association, vol. 114(1), pages 134-168, January.
    2. Weinan Yan, 2022. "Inequality and the Interwar Gold Standard," Eastern Economic Journal, Palgrave Macmillan;Eastern Economic Association, vol. 48(1), pages 90-121, January.
    3. Martin Ellison & Sang Seok Lee & Kevin Hjortshøj O’Rourke, 2020. "The Ends of 30 Big Depressions," Economics Series Working Papers 896, University of Oxford, Department of Economics.

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