Golden Fetters: The Gold - Standard And The Great...

: Eichengreen argues that the gold standard was not a stabilizer, but rather the "principal threat" to financial stability. It acted as a "fetter," preventing central banks from lowering interest rates or expanding the money supply to combat the Depression.

: Unlike the pre-WWI gold standard, which relied on central bank cooperation, the interwar version was fragile and lacked credible commitment. Imbalances from WWI and a lack of international coordination made the system brittle. Golden Fetters: The Gold Standard and the Great...

: The book demonstrates that countries that abandoned the gold standard early—such as Great Britain and several Scandinavian nations—recovered more quickly than those that clung to it. Useful Summaries and Articles : Eichengreen argues that the gold standard was

For a deeper dive into these concepts, you can explore these resources: The Gold Standard and the Great Depression, 1919-1939 Imbalances from WWI and a lack of international

Barry Eichengreen’s book, , is a landmark reassessment of how the international monetary system contributed to the global economic crisis of the 1930s. Key Themes & Arguments