The Gold Standard and Its Future

Between 1919 and 1925 a co-operative and successful effort was made to replace the monetary systems of the world upon a:firm foundation, and the international gold standard was thereby restored. In the last few years a variety of circumstances have combined to imperil this work of restoration. The collapse of the gold standard in a number of raw material producing countries in the course of 1930 was followed by the suspension of the gold standard in a number of European countries in· 1931. The most important country to be driven off was Great Britain, which had reverted to gold after the War by the Gold Standard Act of April 1925. The Gold Standard (Amendment) Act, passed on September 25th 1931, by suspending the gold standard in this country, led not only to suspension by the Scandinavian countries and by Finland, but also to suspension in Ireland and India. Other countries followed, including Japan and the U.S.A.

The purpose of this book is to discuss the issues raised in consequence of these events. These issues are contained in the answers to the following questions: Ought the international gold standard to be restored? Ought Great Britain herself to return to the gold standard? Under what conditions should Great Britain return to gold?