Charting Twentieth-Century Monetary Policy: Herbert Hoover and Benjamin Strong, 1917-1927

Charting Twentieth-Century Monetary Policy: Herbert Hoover and Benjamin Strong, 1917-1927

by Silvano A. Wueschner
     
 

ISBN-10: 0313309787

ISBN-13: 9780313309786

Pub. Date: 04/30/1999

Publisher: ABC-CLIO, Incorporated

Herbert Hoover, as Secretary of Commerce, and Benjamin Strong, as Governor of the Federal Reserve Bank of New York, played a critical role in the formulation of American monetary policy during the 1920s. Yet little attention has been given to the relationship between them—at first cooperative, then increasingly one of conflict and factionalism—or to the

Overview

Herbert Hoover, as Secretary of Commerce, and Benjamin Strong, as Governor of the Federal Reserve Bank of New York, played a critical role in the formulation of American monetary policy during the 1920s. Yet little attention has been given to the relationship between them—at first cooperative, then increasingly one of conflict and factionalism—or to the impact of that relationship on policy formulation. This book sheds new light on their roles in policy making and relates those roles to larger conflicts over where policy should be made, how the Federal Reserve System should be structured, and the balance that should be struck between international, national, and regional considerations.

Focusing on the Hoover-Strong relationship from a political rather than a purely economic perspective, the book's scope includes both domestic and international aspects of Federal Reserve policy formulation. New sources have enabled the author to provide both fresh details and a broader interpretation. Elaborating on the belief that the Depression resulted from policies developed during the autumn of 1927, the author contends that the foundation for those policies was laid with America's decision to underwrite the Dawes plan, the decision to underwrite England's return to the gold standard, and the involvement in European monetary stabilization—all issues over which Hoover and Strong disagreed.

Product Details

ISBN-13:
9780313309786
Publisher:
ABC-CLIO, Incorporated
Publication date:
04/30/1999
Series:
Contributions in Economics and Economic History Series
Pages:
202
Product dimensions:
6.00(w) x 9.00(h) x 0.63(d)
Lexile:
1790L (what's this?)

Table of Contents

Foreword by Ellis W. Hawley

Introduction

The Emergence of Factions: Differing Views on the Roles for the Federal Reserve System

The Clash of Factions, 1921-1924

Foreign Developments: The Move to Stabilize

The Elusive Demon: Speculation

Stabilization: From Wall Street to Congress

Easy Money

Conclusion

Glossary

Bibliography

Index

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