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Caliban: The Devaluation of Sterling in 1949

In: Economics in the Long View

Author

Listed:
  • A. Cairncross

Abstract

To those who took part in it, the devaluation of sterling in September 1949 was one of the most dramatic episodes in the postwar history of the United Kingdom. It seemed likely at the time that it would also prove one of the most important in terms of its effects. There might be room for disagreement as to the need or the purpose or the wisdom or even the significance of the devaluation. But it was unmistakably a turning-point. So rare and startling an event as a fall of 30 per cent in the parity of sterling, the currency in which one- third of the world’s commerce was conducted, could not fail to exercise a powerful influence on international transactions of all kinds. Yet many of those who have looked back on the devaluation have doubted whether it accomplished any lasting changes and have concluded that it was of quite minor importance in post-war economic development. How does it look now in retrospect after thirty years that have seen one more major devaluation of sterling as well as day-to-day fluctuations that rob devaluation of its drama?

Suggested Citation

  • A. Cairncross, 1982. "Caliban: The Devaluation of Sterling in 1949," Palgrave Macmillan Books, in: Charles P. Kindleberger & Guido Tella (ed.), Economics in the Long View, chapter 6, pages 121-154, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-06293-5_6
    DOI: 10.1007/978-1-349-06293-5_6
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