The Gold Standard in Theory and History

By Barry Eichengreen; Marc Flandreau | Go to book overview

15

The gold-dollar system: conditions of equilibrium and the price of gold

Milton Gilbert*

This essay was written in the summer of 1967; its purpose was to explain the nature of the international monetary system and how it functioned up to mid-1967 as a background to the consideration of various possible improvements in the system. Hence, it deals with the system as it has been-not as it might become. While I have made drafting changes and clarifications, I have deliberately not extended the paper to cover the events of the past year so as to avoid discussion of matters about which there are differences in official views. My objective is to analyse the system and not to enter into the political problems of its future evolution.

More specifically, the essay aims to distinguish between difficulties arising from inadequate adjustment policies of individual countries and difficulties arising from a disequilibrium 1 in the system as a whole, which concerns the relationship between gold and the dollar. The analysis is focused on the persistent deficit in the balance of payments of the United States and is designed to bring out its underlying and transient causes.


The gold-dollar system

The present system is usually called the gold exchange standard. As it emerged from Bretton Woods and as it has functioned in the postwar period, however, it is more to the point to call it the gold-dollar system.

* From Essays in International Finance, no. 70, Princeton, Princeton University Press, 1968, pp. 1-20, 46-7, abridged.

-291-

Notes for this page

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this book

This book has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this book

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this page

Cited page

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited page

Bookmark this page
The Gold Standard in Theory and History
Table of contents

Table of contents

Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this book

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Full screen
/ 340

matching results for page

Cited passage

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited passage

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.