Who Adjusts?: Domestic Sources of Foreign Economic Policy during the Interwar Years

Who Adjusts?: Domestic Sources of Foreign Economic Policy during the Interwar Years

by Beth A. Simmons
     
 

In this work Beth Simmons presents a fresh view of why governments decided to abide by or defect from the gold standard during the 1920s and 1930s. Previous studies of the spread of the Great Depression have emphasized "tit-for-tat" currency and tariff manipulation and a subsequent cycle of destructive competition. Simmons, on the other hand, analyzes the influence

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Overview

In this work Beth Simmons presents a fresh view of why governments decided to abide by or defect from the gold standard during the 1920s and 1930s. Previous studies of the spread of the Great Depression have emphasized "tit-for-tat" currency and tariff manipulation and a subsequent cycle of destructive competition. Simmons, on the other hand, analyzes the influence of domestic politics on national responses to the international economy. In so doing, she powerfully confirms that different political regimes choose different economic adjustment strategies.

Product Details

ISBN-13:
9780691017105
Publisher:
Princeton University Press
Publication date:
08/29/1997
Series:
Princeton Studies in International History and Politics Series
Edition description:
Reprint
Pages:
344
Product dimensions:
6.20(w) x 9.15(h) x 0.82(d)

Table of Contents

List of Figures
List of Tables
Acknowledgments
Ch. 1Introduction3
The Problem: Explaining International Economic Relations during the Interwar Years4
The Argument of This Book11
Toward an Explanation of the Policy Mix: Methodology and Organization13
Findings18
Ch. 2The Interwar Gold Standard20
The Prewar and Interwar Gold Standards20
The Norms of Gold Standard Adjustment31
Explaining Policy Choice during the Interwar Years42
Ch. 3The Determinants of External Imbalance52
Politics, Credibility, and External Imbalance52
Capital Movements64
The Current Account84
Ch. 4Devaluation106
Descriptive Statistics: Currency Depreciation107
On Gold or Off?112
Explaining Currency Depreciation118
Domestic Politics and Currency Depreciation: The Evidence125
Cumulative Results138
Ch. 5France, 1924-1927140
The Real Economy145
Cracks in Credibility149
From a Crack to a Gulf, January 1925-July 1926156
The Politics of Credibility164
Ch. 6Tariff Protection174
Descriptive Statistics of Tariff Protection175
Explaining Tariff Levels178
Changes in Tariff Policy191
Cumulative Results214
Ch. 7Deficits during Depression: Britain, Belgium, and France in the Thirties219
Aggregate Introduction to the Cases and to the Policy Mix223
The Case of Britain, 1929-1931226
The Case of Belgium, 1934-1936241
The Case of France, 1935-1937256
Ch. 8Conclusions275
The Argument276
Major Findings278
Implications for International Cooperation282
Implications for International Political Economy283
Parting Words286
Appendix I. General Data Appendix289
Appendix II. Central Bank Independence Data299
Select Bibliography305
Index319

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