IDEAS home Printed from https://ideas.repec.org/h/pal/pshchp/978-3-030-83426-5_14.html
   My bibliography  Save this book chapter

Pre-Keynesian Monetary Theories of the Great Depression: Whatever Happened to Hawtrey and Cassel? (with Ronald W. Batchelder)

In: Studies in the History of Monetary Theory

Author

Listed:
  • David Glasner

Abstract

The first monetary theory of the Great Depression is often credited to Milton Friedman. Advanced to counter the idea that the Great Depression resulted from inherent capitalistic instabilities, Friedman’s theory attributed the Depression to policy mistakes by an inept Federal Reserve Board. More recent work on the Depression suggests that the cause lay in the attempt to restore an international gold standard after World War I and did not originate, as Friedman believed, in the United States. This chapter documents that current views about the Depression were anticipated by Ralph Hawtrey and Gustav Cassel, who both warned that restoring the gold standard would cause catastrophic deflation unless monetary demand for gold was limited by international cooperation. We also suggest possible reasons why the Hawtrey-Cassel explanation was overlooked and forgotten.

Suggested Citation

  • David Glasner, 2021. "Pre-Keynesian Monetary Theories of the Great Depression: Whatever Happened to Hawtrey and Cassel? (with Ronald W. Batchelder)," Palgrave Studies in the History of Economic Thought, in: Studies in the History of Monetary Theory, chapter 0, pages 367-401, Palgrave Macmillan.
    • Handle: RePEc:pal:pshchp:978-3-030-83426-5_14
    DOI: 10.1007/978-3-030-83426-5_14
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pal:pshchp:978-3-030-83426-5_14. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.palgrave.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.