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Metallic Standards

In: Essays in Economic History

Author

Listed:
  • Lawrence H. Officer

    (University of Illinois at Chicago)

Abstract

Government responsible policy and credible commitment to the standard, private stabilizing arbitrage and speculation, and stable political and economic environment made the classical gold standard a success. The absence of these elements and the presence of the Great Depression combined to make the interwar gold standard a failure. Silver was the dominant monetary standard for centuries, supplanted by gold in the nineteenth century. U.S. silver-purchase policy in the 1930s caused the virtual demonetization of silver worldwide. Bimetallism has advantages over monometallism but can be an unstable system, with legal bimetallism becoming de facto monometallism. Bimetallism ended in the 1870s.

Suggested Citation

  • Lawrence H. Officer, 2022. "Metallic Standards," Springer Books, in: Essays in Economic History, chapter 0, pages 219-248, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-95925-8_13
    DOI: 10.1007/978-3-030-95925-8_13
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