Is There Enough Gold?

Is There Enough Gold?

Is There Enough Gold?

Is There Enough Gold?

Excerpt

With the present trend toward world economic recovery it seems certain that restoration of the gold standard will before long become an important question of policy in many countries. If so, it will be a controversial question; in addition to the inevitable clashes of financial interests, there are wide differences of opinion both as to the benefits and the costs of currency instability and as to the practicability of restoring the gold standard. The present volume does not attempt to deal with the whole question of stabilization, but merely to answer a question of feasibility. Given a general restoration of industrial activity, would the prospective gold supply be sufficient to support the prospective volume of world trade at gold price levels as high as those of 1924-29, without drastic changes in the monetary institutions which determine the amount of gold that is needed?

The grounds on which Dr. Hardy bases his optimistic conclusion should prove of interest and value in the formation of public opinion on the restoration issue. Certain other suggestions which grow out of this conclusion are not less important.

As Part II of this volume there is reprinted, with some revisions, Dr. Hardy pamphlet entitled The Warren- Pearson Price Theory, which was published in 1935 as a preprint from a projected study of the effects of devaluation. The fact that the present study is brought to completion earlier than the projected exchange study, plus the fact that the pamphlet seems equally appropriate for inclusion in either study, has led to its transfer to the present volume.

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