The Netherlands and the Gold Standard, 1931-1936: A Study in Policy Formation and Policy

ISBN-13: 9789071617041 / Angielski / Miękka / 1987 / 230 str.

Richard T. Griffiths

Opis

On 26 September 1936, deep in the night, the Dutch cabinet took the decision to cut the guilder's link with gold and to devalue its currency. It was the last of the increasingly isolated and beleaguered 'gold bloc' countries to do so, having outlasted Switzerland by less than a day; the last country in Europe in which holders of a currency could exchange it for gold at the rate which had prevailed before the First World War; the last country to leave the gold standard. The reason why the 'Gold Bloc', which in September 1936 comprised only France, Switzerland and the Netherlands, should have hung on so long is something of a puzzle to historians since it has become virtually axiomatic that their recoveries would have begun sooner and proceded more strongly had they cut the link with gold and devalued their currencies much earlier. The fact that the decision not to do so has been seen as perverse, combined with the fact that in order to cope with the consequences of that decision governments chose to adopt deflationary policies to 'correct' the economy, has led historians for a long time to dismiss a whole generation of politicians and their' advisors' as stubborn, conservative and short-sighted. The Keynesian revolution and the long post-war economic boom had consigned them and their ilk to the dustbin of history for ever.

Spis treści

One: Economy and Politics.- The Dutch Economy in Depression.- The Devaluation Issue Made Simple.- Pillarisation.- Pro- and Anti-Devaluationists.- Notes.- Two: The Economists’ Debate.- A Well Observed Gold Standard.- The Gold Standard after 1925.- Dutch Economists and the Gold Standard.- Notes.- Three: The Employers’ Associations.- Autarky or Free Trade.- Taboe and Criticism.- At last! Devaluation.- Conclusion.- Notes.- Four: The Agricultural Lobby.- The Issue Is Raised.- The Discussion Lingers On.- The KNBTB Takes Sides.- Conclusion.- Notes.- Five: The Trade Unions.- The Socialists (NVV).- The Catholics (RKWV).- The Protestants (CNV).- Conclusion.- Notes.- Six: The Political Parties.- The Anti-Revolutionary Party (ARP).- The Christian Historical Union (CHU).- The Free Democrats (VDB).- The Liberals (LSP).- The Catholics (RKSP).- The Social Democrats (SDAP).- Conclusion.- Notes.- Seven: The Single Issue Pressure Groups.- The Pro-devaluation coalition.- The Dutch Association for Value Stable Money (NVWG).- The Committee for Devaluation.- The Anti-Devaluation Group.- Conclusion.- Notes.- Eight: The Policy Makers.- The Impact of the Sterling Devaluation.- The Dollar Devaluation.- The Economic Council.- The Pro-Devaluation Lobby.- The Steenberghe Resignation.- The Cabinet Crisis of July 1935.- Towards the Abandonment of the Gold Standard.- The ‘Floating Guilder’: an Epilogue.- Notes.- Nine: Belgium, France and Switzerland and the End of the Gold Standard.- Belgium.- Switzerland.- France.- Conclusion.- Notes.- Index of Historical.