Aachen, Congress of (1818), 174
Abyssinia, 183
Addis, Sir Charles, 42
Agricultural interests, 111–113
Agricultural prices, 57, 65, 102, 104, 113, 129, 145–146
Angell, Norman, 12
Anti-Semitism, 188–189
Aquinas, Thomas, 206
Aranha, Oswaldo, 155–157
Argentina, 12, 64–65, 67–68, 145–146, 177; banks, 66; central bank, 36, 151; depression, 146–152; Roca-Runciman agreement, 132, 147–149; trade policies, 146–147
Asia: financial and economic crisis of 1997, 17, 26, 32, 65, 200, 208, 213–214, 220–222; wage conditions, 176–177
Auriol, Vincent, 193–194
Australia, 12, 28–29, 63, 126; immigration, 15; wage bargaining, 171
Austria: Anschluss (1938), 184, 195; bank crisis, 53–57, 71, 98–99; budget, 56; exchange control, 46–47; League of Nations stabilization, 36, 38; Nationalbank, 20, 141; trade policy, 126, 141
Bähr, Johannes, 171
Bailouts, 56
Balcerowicz, Leszek, 209
Balderston, Theo, 171
Balfour Committee, 107
Balogh, Thomas, 198
Bankers Trust, 86
Bank for International Settlements (BIS), 5, 41–48, 97, 217; decline in 1930s, 95
Bank of England, 20, 35, 45, 69–70, 190; and devaluation, 73–74; and private banks, 72–73
Bank of United States, 76
Banque de France, 20, 54, 73, 84, 190; and devaluation, 87; internal structure, 192, 194; links with commercial banks, 85–86, 195–196
Barshefsky, Charlene, 222
Belgium: bank problems, 51; gold standard, 91–92; stabilization, 40
Benjamin, David, 170
Bentley, Arthur Fischer, 114
Bernanke, Ben, 169
Bilateralization of trade, 140, 163–166
Binder, Hamlyn, 55
Blanqui, Jérome, 175
Bolivia, 152; default, 46, 64, 66, 146
Bonar Law, Andrew, 118
Bonnet, Georges, 195
Borah, William, 135
Borchardt, Knut, 171
Boyce, Robert, 68
Brazil, 3, 26, 28, 100, 126; bank problems, 66; central bank, 36; depreciation and default, 46, 64–66, 73; trade policies, 144, 146, 152–157
Bretton Woods conference (1944), 43, 166, 205
Brussels conference (1920), 36
Buchanan, Patrick, 202
Bülow, Bernhard von, 132
Bülow tariff, 101
Bulgakov, Mikhail, 163
Bulgaria, 142–143
Caldwell and Company, 76
Canada: central bank, 36, 195; immigration, 15–16, 174; and imperial preference, 125–126; protectionism, 121, 125–126; and world depression, 94–95, 116, 145–146
Cannan, Edwin, 170
Capital flight, 50, 61–62, 82, 85–86, 187–189, 195–196
Capital flows: and crises, 2–3, 16, 19–20, 31–32, 45–46, 95, 98–100, 222; long-term, 17, 48–49, 63, 103; short-term, 42, 48–50, 103
Caprivi, Leo von, 15
Cardoso, Fernando Henrique, 209
Carey, Kevin, 169
Cariguel, Charles, 87
Cartels, international, 139–140
Castle, William, 128
Central banks, 17–18; and BIS, 43; and economic crises, 96–97; independence, 35–37, 41, 52, 208; as villains of depression, 97
Chamberlain, Neville, 124–126, 131
Chile, 36, 145, 157; default, 46, 64, 66–67, 146
Clay, Henry, 148
Cleveland, Grover, 173
Condliffe, J. B., 119
Connally, Thomas T., 80
Construction and economic activity, 173
Copper, 139
Corruption, 215–217
Counter-Reformation, 8–10
Crane, J. E., 87
Creditanstalt, 54–56
Czechoslovakia, 111, 184; stabilization, 37–39; trade policy, 107–108, 126, 144
Danat Bank (Darmstädter- und Nationalbank), 61–63, 71
Daniels, Josephus, 137
Davenport, C. B., 174
Davis, Norman, 129
Democratic politics, 110–115, 140, 165
Dependency theory, 143
Díaz-Alejandro, Carlos, 67
Dollfuss, Engelbert, 131
Duclos, Jacques, 191
Egypt, 48, 68; cotton exports, 112, 144
Eichengreen, Barry, 33, 69, 169, 196
Einzig, Paul, 91
Elliott, Walter, 124
Ellis, Howard, 142
El Salvador, 67
Estonia, 126
Federal Reserve System, 40, 76; and BIS, 43; creation, 19; New York Bank, 61–62, 77, 79–80; open market operations, 78, 80
Federation of British Industry, 114, 118, 124
Feinstein, Charles, 50
Feis, Herbert, 136
Finland, 140
First World War, 25, 168; and depression, 5; and finance, 37, 117; and labor militancy, 35, 175; and national production, 110, 188–189
Fontane, Theodor, 10
Fordney-McCumber Tariff Act, 28, 102, 116–118
Fournier, Pierre, 193
France, 57; bank weakness, 84–86; budget policies, 15, 83–84, 88, 194–195; and capital flight, 49–50, 82, 189–191; currency stabilization, 37, 40; and empire, 146; and Germany, 39, 114, 119, 167; and Great Britain, 41–42, 54; immigration, 179–181; trade policy and protectionism, 110–112, 118–119, 126
Francqui, Emile, 47
Fugger, Jakob, 9
Fujimori, Alberto, 209
Galbraith, John Kenneth, 22–23, 68
Galsworthy, John, 188
Geddes, Sir Eric, 37
General Agreement on Tariffs and Trade, 110, 166, 204–205
Genoa conference (1922), 33–34, 42, 93
Germain-Martin, Louis, 83
Germany, 2, 37, 64; banking crises, 59–63, 71, 99; budget problems, 15, 62; customs union with Austria, 123; external debt, 6–16, 70; and gold standard, 33; immigration, 16, 176, 180–181; recovery and rearmament, 197–198; short-term debt, 49; stabilization (1924), 39–40; trade with Argentina, 151–152; trade protection, 100, 113, 117–118, 126, 136, 141–145; trade with Brazil, 153–155; trade with Soviet Union, 161; wages, 169, 171
Gide, André, 197
Gilbert, Seymour Parker, 47
Glass, Carter, 80
Glass-Steagall Act (1932), 81
Gnägi, Gottfried, 89
Goebbels, Joseph, 189
Gold standard, 17–18, 33–35, 65, 73–74, 79–82, 87–89, 91–92, 94, 96, 169
González, Felipe, 209
Goode, Sir William, 72
Grandi, Dino, 182–83
Gray, John, 4
Great Britain: banking problems, 70–74, 98; and bilateralism, 164–166; budget, 69–70; as short-term debtor, 49–50; stabilization (1925), 68–69; trade policy and protection, 110, 118, 123–125, 129, 136; trade with Argentina, 132; wages and unemployment, 170–171, 181
Grimm, Hans, 183
Grosz, George, 25
Grundy, Joseph, 112
Haberler, Gottfried, 196
Habsburg empire, 9, 51–52, 111, 119, 185
Haider, Jörg, 202
Hajdu, Zoltan, 53
Harrison, George, 37, 61, 71, 77, 79, 97
Harvey, Sir Ernest, 70
Hawley-Smoot Tariff Act (1930), 29, 102, 112–114, 116, 121–122, 134, 222
Hilferding, Rudolf, 171
Hirschman, Albert, 144–145
Hitler, Adolf, 106, 133, 134–135, 141, 183–184, 224
Honduras, 67
Hoover, Herbert, 78–79, 81, 112, 130, 170
Hopkins, Sir Richard, 69–70
Hülse, Ernst, 44
Hugenberg, Alfred, 132
Hull, Cordell, 109, 132–136, 138, 156–157, 166
Hungary: and anti-Semitism, 189; banks, 52–53; currency losses, 58; foreign indebtedness, 57–59, 71; League of Nations stabilization, 36, 38–39; trade policy, 107–108, 111, 119, 142–143
India, 177
Inflation, 7, 34–35, 37, 39, 117, 198
Inoue Junnosoke, 93
Interest groups, 109, 111–112, 114–115, 124–125, 134–135, 137–138, 165
International Labour Organization, 5, 176–177, 181, 208, 217
International Monetary Fund (IMF), 5, 25, 43, 39, 100, 166, 218–221
International Trade Organization, 166
Inukai Tsuyoshi, 94
Ireland, 11
Islam, 210–11
Istituto di Ricostruzione Industriale, 68
Italy: bank problems, 53, 68; demography, 182; emigration, 172–173, 179–180, 182; stabilization, 40; trade policy, 126
Janssen, Albert, 96
Japan: banks, 93; and depression, 43, 93–94; emigration, 172, 182–183; recovery and rearmament, 198; trade and trade policy, 107, 121, 126, 136, 138–139; wages and costs, 136, 175, 177
John Paul II, 210
Jorgensen, Erika, 146
Jung, Guido, 97
Kanitz, Count, 20
Kellogg, Frank, 25
Keynes, John Maynard, 6, 43, 123, 197, 204
Keynesianism, 26
Kim dae-Jung, 209
Kindersley, Sir Robert, 45–46, 72
Kindleberger, Charles, 55, 119
Kissinger, Henry, 145
Kleinworts, 71–72
Kochin, Levis, 170
Korea, 32
Kulenkampff, J. A., 151
Kunz, Diane, 69
Labeyrie, Ernest, 192–193
Lacour-Gayet, Robert, 88
Lafontaine, Oskar, 200
Lausanne conference (1932), 128
Laval, Pierre, 92
Layton, Sir Walter, 129
League of Nations, 25–26, 35, 51, 157, 179, 217; and Austria, 57; financial stabilizations, 25, 38–39; and Hungary, 59; and labor policy, 176; and trade policy, 109, 119–121
Leeson, Nick, 216
Lehideux, Roger, 192
Leith-Ross, Sir Frederick, 129–131, 140
Lenin, Vladimir Ilyich, 158
Leo XIII, 210
Le Pen, Jean-Marie, 202
Lewis, W. Arthur, 104–105, 119
Ley, Robert, 151
Libya, 151
Long Term Capital Management, 3
Luther, Hans, 61–62
MacDonald, Ramsay, 71–72, 123–124, 127–129, 131, 168–169
Macedo Soares, José Carlos de, 155
Machiavelli, Niccolò, 8–9
Manchuria, 182–183
Mannheimer, Fritz, 190
Mant, Sir Reginald, 96
Marchandeau, Pierre, 195–196
Marx, Karl, 21–25
McKenna Committee, 50
Méline, Jules, 112
Midland Bank, 72
Mikoyan, A. I., 159
Milken, Michael, 216
Milward, Alan, 143
Mitchell, Charles, 63–64
Mitterrand, François, 200
Moggridge, Donald, 68
Moret, Clément, 46–47, 54–55, 84–85
Morgenthau, Henry, 194–195
Most-Favored-Nation Clause, 105–106, 117–118, 120, 122–123, 130
Mussolini, Benito, 25, 121, 134–135, 182–183
Musy, Jean-Marie, 90
Napoleon III, 43
Nationalism, 13–14, 26, 29–30, 187–189
Netherlands, 7, 43, 47, 51, 61; bank crises, 89, 91; devaluation, 92
Neurath, Konstantin von, 132
Niemeyer, Sir Otto, 44, 148, 152, 157
Norman, Montagu, 35–37; and Austria, 54–55; and BIS, 41, 45–46; and financial crisis (1931), 69–70, 73–74; mental collapse, 73; view of statistics, 95
Norway, 11
O’Brien, R. L., 135
O’Rahilly, Alfred, 178–179
Ortega y Gasset, José, 7
Oslo convention (1930), 123
Ottawa conference (1932), 125–126, 129–130, 147, 149
Ouchy convention (1932), 123
Oustric scandal, 84–85
Owen, Robert, 174–175
Panama, 67
Paraguay, 152
Pâtenotre, Raymond, 87
Peru, and debt defaults, 64, 67, 146
Poland, 47, 111, 126, 209; agricultural laborers, 16; emigration, 16, 180, 184–185; trade policies, 116, 144
Pollard, Sidney, 68
Popocics, Sándor, 57
Posse, Hans, 130
Puttkamer, Robert von, 16
Pyatakov, Grigori, 162
Rašin, Alois, 38
Rathenau, Walther, 175
Reciprocal Trade Agreements Act, 135–136
Reconstruction Finance Corporation, 81
Reformation, 8–10
Reichsbank, 18–20, 28, 61–63, 131
Reichsverband der Deutschen Industries, 114–115
Reparations, 38–42, 61, 128, 141
Ricardo, David, 204
Ritter, Karl, 156
Robertson, Dennis, 106
Roca, Julio, 148–149
Rockefeller, John D., 134
Rodrik, Dani, 207
Roosevelt, Franklin Delano, 81–82, 131–134, 152, 192
Roth, Joseph, 185
Rueff, Jacques, 170
Runciman, Sir Walter, 124, 126, 148–149
Russia, 3, 18, 26, 200; commercial monopoly, 122, 158–163; inflation, 37; as model, 21, 160–161, 163, 198, 224
Rwanda, 221
Sackett, Frederick, 128
Salisbury, Lord (Robert Cecil), 24–25
Schacht, Hjalmar, 28, 37, 131–133, 141, 190
Schachtianism, 133, 141, 163, 166
Schiller, Friedrich, 131
Schmidt, Helmut, 26
Schroeders bank, 71–72
Schumpeter, Joseph, 6
Sciarra, Marco, 9
Scotland, 21
Siepmann, Harry, 74
Simon, Sir John, 124
Singer sewing machines, 12
Smith, Jeremiah, 38
Société Générale, 51
Soros, George, 3, 203, 215–216
South Africa, 40
Souza Aranha, Olavo Egydio de, 154–155
Soviet Union. See Russia
Stevenson rubber plan, 27, 42, 108
Stiglitz, Joseph, 3
Stoppani, Pietro, 130
Strakosch, Sir Henry, 96
Strong, Benjamin, 36–37, 40–41
Sugar, 139
Sweden, 136
Switzerland, 43–44, 51, 61; bank crises and capital flight, 89–91; bank secrecy, 90; devaluation, 92; immigration, 179; trade policy, 121–122, 127, 141
Swope, Gerald, 134
Tajikistan, 221
Takahashi Korekiyo, 94
Tea, 139
Teagle, Walter, 134
Thailand, 32
Thomas, Albert, 181–182
Thomas, Brinley, 11
Torrens, Robert, 106
Tripartite Pact (1936), 194–195
Trotsky, Leon, 158
Turkey, 46, 47, 142; bank runs, 68
Unemployment, 70, 74, 78, 168–169, 171
United States: bank exposure to central Europe, 59; banking crises, 76–82; budget problems, 77–79, 81–82; capital export, 33, 48–50, 60, 63–64, 133, 137, 148, 157; and crisis of 1907, 18–19; and gold standard, 81–82; immigration, 15, 172–174; labor unions, 170; Securities and Exchange Commission, 63; stock crash (1929), 29, 76–82; trade policy, 107, 113–114, 121, 131–137; trade with Brazil, 155–157; trade with Soviet Union, 161
Universal banks, 51–53
Uruguay, 65–67
Vandenberg, Arthur, 135
Van Tonningen, Rost, 57
Varga, Eugen, 160
Vargas Llosa, Mario, 89
Versailles Treaty (1919), 28, 101, 113, 176, 208
Villermé, Louis René, 175
Viner, Jacob, 160
Wages and wage costs, 11, 69, 74, 117, 169–170, 180–181, 203
Wagner, Richard, 23–25
Warburg, Paul, 40 “Washington consensus,” 200, 207–208
Washington Hours of Work Convention, 178
Watson, Catherine, 50
Webb, Sidney (Lord Passfield), 74
Weber, Max, 16
Wicker, Elmus, 76
Wilhelm II, 175
Williams, E. E., 15
Williamson, John, 208
Wilson, Harold, 23
World Bank, 223
World Economic Conference: of 1927, 109, 119–120; of 1933, 97, 109, 128–133, 139
World Population Conference (1927), 181
World Trade Organization, 5, 166, 205, 221; Seattle meeting, 1–2, 4, 220
Young, Owen, 41
Young plan and loan (1929), 41–42, 141
Yugoslavia, 39, 46; trade policy, 142–143
Zhirinovsky, Vladimir, 202, 212
Zimmermann, Alfred, 38