1. Joseph Stiglitz, “The Role of International Financial Institutions in the Current Global Economy,” address to the Chicago Council on Foreign Relations, 27 February 1998; Paul Krugman, The Return of Depression Economics (New York: W. W. Norton, 1999), p. 166.
2. George Soros, The Crisis of Global Capitalism: Open Society Endangered (New York: Public Affairs, 1998), pp. 103, 134.
3. John Gray, False Dawn: The Delusions of Global Capitalism (London: Granta Books, 1998), p. 196.
4. Thomas Friedman, The Lexus and the Olive Tree: Understanding Globalization (New York: Farrar Straus, 1999), p. 269.
5. Kevin H. O’Rourke and Jeffrey G. Williamson, Globalization and History: The Evolution of a Nineteenth-Century Atlantic Economy (Cambridge, Mass.: MIT Press), 1999.
6. I have dealt extensively with the International Monetary Fund (IMF) in Harold James, International Monetary Cooperation since Bretton Woods (New York: Oxford University Press and IMF, 1996).
7. IMF, “External Evaluation of IMF Surveillance,” Washington, D.C., 2000.
8. O’Rourke and Williamson, Globalization and History, p. 93.
9. Joseph A. Schumpeter, “The Instability of Capitalism,” Economic Journal 38 (1928): 361, 386; also Richard Swedberg, Schumpeter: A Biography (Princeton: Princeton University Press, 1991), p. 83.
10. José Ortega y Gasset, 1933 lecture, in Gesammelte Werke, vol. 3 (Stuttgart: Deutsche Verlags-Anstalt, 1955), pp. 463–464. I owe this reference to Lionel Gossman.
11. Martin Luther, “Trade and Usury,” in Luther’s Works: The Christian in Society, ed. Walther I. Brandt, vol. 45 (Philadelphia: Muhlenberg Press, 1962), pp. 245–246.
12. Quoted in Thomas Brady, The Politics of the Reformation in Germany: Jacob Sturm (1489–1553) of Strasbourg (Atlantic Highlands, N.J.: Humanities Press International, 1997), p. 13.
13. Luther, “Trade and Usury,” p. 258.
14. This is a point now very frequently made in historically informed literature on globalization: see Paul Hirst and Grahame Thompson, Globalization in Question, 2d ed. (Cambridge: Polity Press, 1999), pp. 19–65.
15. Theodor Fontane, Der Stechlin (1899; reprint, Cologne: Könemann, 1994), p. 5.
16. W. Arthur Lewis, Growth and Fluctuations, 1870–1914 (London: Allen and Unwin, 1978), p. 181; Dudley Baines, Emigration from Europe (Cambridge: Cambridge University Press, 1995), p. 1.
17. Brinley Thomas, Migration and Economic Growth (Cambridge: Cambridge University Press, 1954); idem, Migration and Urban Development: A Reappraisal of British and American Long Cycles (London: Methuen, 1972).
18. Jeffrey G. Williamson, “Globalization, Convergence, and History,” Journal of Economic History 56 (1996): 277–306; O’Rourke and Williamson, Globalization and History.
19. See Maurice Obstfeld and Alan M. Taylor, “The Great Depression as a Watershed: International Capital Mobility over the Long Run,” in The Defining Moment: The Great Depression and the American Economy in the Twentieth Century, ed. Michael D. Bordo, Claudia D. Goldin, and Eugene N. White (Chicago: Chicago University Press, 1998), pp. 353–402; Maurice Obstfeld, “The Global Capital Market: Benefit or Menace,” Journal of Economic Perspectives 12 (1998): 9–30.
20. See Robert C. Feenstra, “Integration of Trade and Disintegration of Production in the Global Economy,” Journal of Economic Perspectives 12 (1998): 33.
21. Helmut Böhme, Deutschlands Weg zur Grossmacht: Studien zum Verhältnis von Wirtschaft und Staat während der Reichsgründungszeit 1848–1881 (Cologne: Kiepenheuer, 1966), p. 94.
22. A point made by Ernest Gellner, Nations and Nationalism (Oxford: Basil Blackwell, 1983).
23. Adolph Wagner, Die Ordnung des österreichischen Staatshaushalts (Vienna: C. Gerold’s Sohn, 1863).
24. On the relationship between external opening and an extension of governmental activity, see Dani Rodrik, Has Globalization Gone Too Far? (Washington, D.C.: Institute of International Economics, 1997).
25. E. E. Williams, Made in Germany (London: W. Heinemann, 1896), p. 11.
26. Paul Kennedy, The Rise of the Anglo-German Antagonism, 1860–1914 (London: Routledge, 1980), p. 300.
27. Peter Flora et al., State, Economy, and Society in Western Europe, 1815–1975, vol. 1 (Frankfurt: Campus, 1983), pp. 381–382, 393.
28. Quoted in Michael Stürmer, Das ruhelose Reich: Deutschland 1866–1918 (Berlin: Severin und Siedler, 1983), p. 49.
29. John Bodnar, The Transplanted: A History of Immigrants in Urban America (Bloomington: Indiana University Press, 1985), p. 93.
30. Quoted in Jeremy Adelman, Frontier Development: Land, Labour and Capital on the Wheatlands of Argentina and Canada (Oxford: Oxford University Press, 1994), p. 151.
31. See Max Weber, Landarbeiterfrage, Nationalstaat, und Volkswirtschaftspolitik: Schriften und Reden, 1882–1889, ed. Wolfgang J. Mommsen and Rita Aldenhoff, in Bayerische Akademie der Wissenschaften, Max Weber Gesamtausgabe I/4, 1 (Tübingen: Mohr, 1993), p. 183.
32. Quoted in Christoph Klessman, “Long-Distance Migration, Integration and Segregation of an Ethnic Minority in Industrial Germany: The Case of the ‘Ruhr-Poles,’” in Population, Labour and Migration in 19th- and 20th-Century Germany, ed. Klaus J. Bade (Leamington Spa: Berg, 1987), p. 108.
33. Weber, Landarbeiterfrage, Nationalstaat, und Volkswirtschaftspolitik, p. 183.
34. Carlos Marichal, A Century of Latin American Debt Crises (Princeton: Princeton University Press, 1989).
35. Michael Bordo and Barry Eichengreen, “Is Our Current International Economic Environment Unusually Crisis Prone?” in Capital Flows and the International Financial System (Sydney: Reserve Bank of Australia, 1999), pp. 18–74.
36. Karl Helfferich, Die Reform des deutschen Geldwesens nach der Gründung des Reiches, vol. 2 (Leipzig, 1899), pp. 128–130, 136.
37. Charles Goodhart, The Evolution of Central Banks (Cambridge Mass.: MIT Press, 1988).
38. Alphonse Raffalovitch, L’abominable vénalité de la presse, d’après les documents des archives russes (Paris: Librairie du Travail, 1931); Michael D. Bordo and Hugh Rockoff, “The Gold Standard as a ‘Good Housekeeping Seal of Approval,’” Journal of Economic History 56 (1996): 389–428.
39. Niall Ferguson, The World’s Banker: The History of the House of Rothschild (London: Weidenfeld and Nicolson, 1998), pp. 628–630.
40. Jean Strouse, Morgan: American Financier (New York: Random House, 1999), p. 587.
41. See Hans Neisser, “Der internationale Geldmarkt vor und nach dem Krieg,” Weltwirtschaftliches Archiv 29 (1929): 185.
42. Karl von Lumm, “Diskontpolitik,” Bank-Archiv 11 (1912): 164.
43. See Dieter Ziegler, Das Korsett der “Alten Dame”: Die Geschäftspolitik der Bank of England, 1844–1913 (Frankfurt: Fritz Knapp, 1990).
44. Berliner Actionair, 6 and 23 November 1907.
45. Volkswirtschaftliche Wochenschrift (Vienna), 28 March 1907.
46. Raab in Reichstag, 15 January 1908, in Stenographische Berichte über die Verhandlungen des Deutschen Reichstages, vol. 229 (Berlin: Norddeutsche Buchdruckerei und Verlags-Anstalt, 1908), p. 2445.
47. Ibid., 14 January 1908, p. 2400.
48. Karl Marx, Capital: A Critical Analysis of Capitalist Production, trans. Samuel Moore and Edward Aveling, 3 vols. (London: Lawrence and Wishart, 1970–1974), 1: 714–715.
49. Ibid., p. 707.
50. Ibid., 3: 545.
51. Krugman, The Return of Depression Economics, pp. 118–19.
52. Quoted in Strouse, Morgan, p. 574.
53. John Kenneth Galbraith, “Introduction” to Robert Shaplen, Kreuger: Genius and Swindler (New York: Alfred A. Knopf, 1959), p. ix.
54. Lionel Robbins, The Great Depression (London: Macmillan, 1934), p. 63.
55. Marx, Capital, 3: 668–669.
56. Lord Salisbury on Politics: A Selection from His Articles in the Quarterly Review, 1860–1883, ed. Paul Smith (Cambridge: Cambridge University Press, 1972), pp. 47, 356–357. The article quoted was first published under the title “Disintegration” in October 1883.
57. A. J. Grant and Harold Temperley, Europe in the Nineteenth Century (1789–1914) (London: Longmans, 1927), p. 558.
58. Helmut Schmidt, “Vorsicht, Finanzhaie,” Die Zeit, 8 October 1997, p. 3.
59. See Mark Mazower, Dark Continent: Europe’s Twentieth Century (New York: Alfred A. Knopf, 1998).
60. Albrecht Ritschl, “Deutschlands Krise und Konjunktur 1924–1934: Binnenkonjunktur, Auslandsverschuldung und Reparationsproblem zwischen Dawes-Plan und Transfersperre” (Manuscript, 1997), p. 106.
1. Graciela L. Kaminsky and Carmen M. Reinhart, “The Twin Crises: The Causes of Banking and Balance-of-Payments Problems,” Board of Governors of the Federal Reserve System International Finance Discussion Papers no. 544 (March 1996).
2. Angela Redish, “The Latin Monetary Union and the Emergence of the International Gold Standard,” in Monetary Regimes in Transition, ed. Michael Bordo and Forrest Capie (Cambridge: Cambridge University Press, 1993), pp. 68–85; Giulio Gallarotti, The Anatomy of an International Monetary System (New York: Oxford University Press, 1995); Barry Eichengreen and Marc Flandreau, “The Geography of the Gold Standard,” in Currency Convertibility: The Gold Standard and Beyond, ed. Jorge Braga de Macedo, Barry Eichengreen, and Jaime Reis, vol. 3 of Explorations in Economic History (London: Routledge, 1996), pp. 113–143.
3. Peter Temin, Lessons from the Great Depression (Cambridge, Mass.: MIT Press, 1989); Barry Eichengreen, Golden Fetters: The Gold Standard and the Great Depression, 1919–1939 (New York: Oxford University Press, 1992).
4. John Kenneth Galbraith, “Introduction,” in Robert Shaplen, Kreuger: Genius and Swindler (New York: Alfred A. Knopf, 1959), p. ix.
5. William Adams Brown, The International Gold Standard Reinterpreted, 1914–1934 (New York: National Bureau of Economic Research, 1940), p. 749.
6. Per Jacobsson to Sir Otto Niemeyer, 30 November 1932, Bank of England Archive, London (hereafter BE) OV50/4. He added: “Unfortunately it is only too true that most experts are afraid of their masters to a quite appalling degree.”
7. “Notes on Currency Questions,” August 1924, League of Nations Archive, Geneva (hereafter LN) S123 (Salter Papers).
8. Montagu Norman to J. P. Morgan, 19 November 1927, BE G1/307.
9. Jacobsson, “Notes on a Conversation with Sir Otto Niemeyer,” 13 December 1933, BE OV50/6.
10. Norman, preface to C. H. Kisch and W. A. Elkin, Central Banks: A Study of the Constitution of Banks of Issue (London, 1928), p. vi.
11. Compendium, “Principles of Central Banking,” 1936, quoting Norman in 1921, BE OV50/8.
12. Benjamin Strong to Norman, 1 May 1927, BE G1/421.
13. Hjalmar Schacht to Norman, 6 November 1933, BE G1/415.
14. Niall Ferguson, The Pity of War (London: Allen Lane, 1998), p. 324.
15. Elizabeth Wiskemann, Czechs and Germans: A Study of the Struggle in the Historic Provinces of Bohemia and Moravia (London: Oxford University Press and Royal Institute of International Affairs, 1938), pp. 142–143.
16. For a detailed survey, see League of Nations, The Financial Reconstruction of Austria (Geneva, 1926) and The Financial Reconstruction of Hungary (Geneva, 1926); also Nicole Piétri, La Société des Nations et la reconstruction financière de l’Autriche, 1921–1926 (Geneva: Centre Européen de la Dotation Carnegie pour Paix Internationale, 1970).
17. League of Nations, Financial Reconstruction of Hungary, p. 9.
18. Ibid., pp. 9, 18.
19. See Louis Pauly, “The League of Nations and the Foreshadowing of the International Monetary Fund,” Princeton Essays in International Finance no. 201 (International Finance Section, Department of Economics, Princeton University, 1996).
20. Salter to Niemeyer, 14 April 1927, LN S123.
21. See Hans O. Schötz, Der Kampf um die Mark 1923/4 (Berlin: de Gruyter, 1987).
22. Paul Warburg to Owen Young, 21 March 1924, Federal Reserve Bank of New York Archive, New York (hereafter FRBNY).
23. Sir Charles Addis to Frederick Leith-Ross (British Treasury), 28 July 1929, BE G1/1.
24. Bank for International Settlements (BIS), Fifth Annual Report, 1934–36, quoted in Eichengreen, Golden Fetters, p. 263.
25. Conversation between Pierre Quesnay and Norman, 24 April 1930, BE OV5/1.
26. Addis to Norman, 16 October 1929, BE G1/1. See also “Bank für internationalen Zahlungsausgleich,” Neue Zürcher Zeitung, 30 January 1930.
27. Roger Auboin, “The Bank for International Settlements, 1930–1955,” Princeton Essays in International Finance no. 22 (International Finance Section, Department of Economics, Princeton University, 1955).
28. Niemeyer memorandum, n.d., BE G1/1.
29. Norman to Addis, 19 October 1929, BE G1/1.
30. “Bank für internationalen Zahlungsausgleich,” Neue Zürcher Zeitung, 30 January 1930.
31. E.g., Francis Rodd to Harry A. Siepmann, 2 September 1931, BE G1/4.
32. Niemeyer memorandum, BE G1/1.
33. Siepmann memorandum on telephone conversation with Rodd, Bank for International Settlements (hereafter BIS), 12 August 1930, BE G1/2.
34. HAS [Siepmann], note on telephone conversation with Rodd, 10 August 1930, BE G1/2.
35. Quesnay to Siepmann, attaching memorandum by Simon, 29 October 1930, BE OV4/84.
36. Memorandum (no signature), “Kindersley scheme,” 2 February 1931, BE OV4/84.
37. Clément Moret to Gates McGarrah, 27 February 1931, BE OV4/84.
38. See Barry Eichengreen and Richard Portes, “After the Deluge: Default, Readjustment, and Readjustment during the Interwar Years,” in The International Debt Crisis in Historical Perspective, ed. Barry Eichengreen and Peter Lindert (Cambridge, Mass.: MIT Press, 1989), pp. 12–47; also Barry Eichengreen and Richard Portes, “The Anatomy of Financial Crises,” in Threats to International Financial Stability, ed. Richard Portes and Alexander K. Swoboda (Cambridge: Cambridge University Press, 1987), pp. 10–58; John T. Madden, America’s Experience as a Creditor Nation (New York: Prentice-Hall, 1937), pp. 111–113.
39. Jacobsson, “Problems of International Financing,” May 1936, BE OV50/6.
40. Gates McGarrah, cable to Thomas W. Lamont and Seymour Parker Gilbert, 18 March 1931, FRBNY 797.3 BIS.
41. Norman to George Harrison, 3 March 1931, BE OV4/84.
42. Report of Francqui subcommittee, 7 May 1931; McGarrah to Norman, 22 April 1931; BIS Board meeting, 18 May 1931; all BE OV4/84.
43. Charles H. Feinstein and Catherine Watson, “Private International Capital Flows in the Inter-War Period,” in Banking, Currency, and Finance in Europe between the Wars, ed. Charles H. Feinstein (Oxford: Oxford University Press, 1995).
44. W. Arthur Lewis, “World Production, Prices and Trade, 1870–1960,” Manchester School of Economic and Social Studies 20 (1952): 130.
45. F. G. Conolly memorandum (BIS), “International Short Term Indebtedness,” October 1936, BE OV50/6 ($ = 5.165 Swiss francs).
46. Carl-Ludwig Holtfrerich, The German Inflation, 1914–1923: Causes and Effects in International Perspective (Berlin: de Gruyter, 1986), pp. 178, 288.
47. Feinstein and Watson, “Private International Capital Flows,” p. 115.
48. League of Nations Economic Committee, Report on 36th session, 31 October 1930.
49. League of Nations, World Economic Survey, 1932–33 (Geneva, 1933), pp. 137–138.
50. Rudolf Nötel, “Money, Banking, and Industry in Interwar Austria and Hungary,” Journal of European Economic History 13, no. 2 (1984): 162.
51. Philip Cottrell, “1931: The Collapse of the Credit-Anstalt,” University of Leicester, manuscript.
52. The Banker, 1929, p. 82.
53. G. W. F. Bruins report, 9 July 1931, BE OV 5/3.
54. Norman to Harrison, 25 May 1931, BE OV32.
55. Note, 15 May 1931, Banque de France Archive, Paris (hereafter BF), Austria file.
56. Conseil Général Procès-Verbaux, 13 July 1931, BF.
57. Charles P. Kindleberger, The World in Depression (Berkeley: 1986), p. 147.
58. Van Hengel report, 19 November 1932, LN C87; Deloitte Plender Binder to Austrian minister of finance, enclosing audited account of Creditanstalt (Schedule F), 3 October 1931, LN C88.
59. Rost van Tonningen to Kienböck and Rost to Frankenstein, 6 and 22 April 1932, LN C95.
60. Financial Times (London edition), 25 August 1998, p. 3. The IMF estimates the fiscal cost of the bank crises in Asian countries as higher than this level: 32 percent for Thailand, 29 percent for Indonesia, 18 percent for Malaysia, and 17.5 percent for Korea; International Monetary Fund, World Economic Outlook and International Capital Markets: Interim Assessment (Washington, D.C., 1998), p. 88.
61. Dieter Stiefel, Die grosse Krise in einem kleinen Land (Vienna: Böhlau, 1988), pp. 3 ff.
62. See Alice Teichova and Dieter Mosser, “Investment Behavior of Industrial Joint-Stock Companies and Industrial Shareholding by the Österreichische Credit-Anstalt,” in The Role of Banks in the Interwar Economy, ed. Harold James, Hakan Lindgren, and Alice Teichova (Cambridge: Cambridge University Press, 1991), pp. 122–157.
63. Diane Kunz, The Battle for Britain’s Gold Standard, 1931 (London: Croom Helm, 1987), p. 47.
64. L’avenir, 10 October 1931.
65. Annuaire statistique hongrois (Budapest: Government Printing Office, various dates). See also Ivan T. Berend and Gyorgy Ranki, Hungary: A Century of Development (Newton Abbott: David and Charles, 1974), p. 146.
66. Annuaire statistique hongrois (Budapest: Government Printing Office, 1931), p. 125.
67. Michael C. Kaser, The Economic History of Eastern Europe, 1919–1975, vol. 2 (Oxford: Oxford University Press, 1986), p. 223.
68. HAS [Siepmann], note of conversation with Dr. Popovics, 9–10 February 1931; Popovics conversation with Per Jacobsson, 1 April 1931; both in BE, OV33/79.
69. Ibid.
70. Per Jacobsson (BIS), Report on the Budget and Exchequer Position in Hungary, April 1931, BE OV33/79.
71. McGarrah to Moret, 22 April 1931, BF, Hungary file; Popovics cable to Norman, 6 April 1931, BE G1/306.
72. Note, “Position of Hungarian Banks on the Principal Creditor Countries,” 23 January 1932, BE OV33/80.
73. Per Jacobsson interview with Dr. Sándor Wekerle, 30 March 1931, BE OV33/79.
74. The Banker, April 1930, p. 38.
75. Harrison memorandum, 3 July 1931, FRBNY 2690.2.
76. Harrison cable to Norman, 8 July 1931, BE OV32.
77. Erika Jorgensen and Jeffrey Sachs, “Default and Renegotiation of Latin American Foreign Bonds in the Interwar Period,” in Eichengreen and Lindert, International Debt Crisis, pp. 51–52.
78. Quoted in Ilse Mintz, Deterioration in the Quality of Foreign Bonds Issued in the United States, 1920–1930 (New York: National Bureau of Economic Research, 1951), pp. 66, 81.
79. Robert Kindersley, “British Overseas Investments in 1932 and 1933,” Economic Journal 44 (1934): 367.
80. Cleona Lewis, America’s Stake in International Investment (Washington, D.C.: Brookings Institution, 1938), pp. 632–644.
81. Mintz, Deterioration.
82. Jorgensen and Sachs, “Default and Renegotiation,” p. 54.
83. Brian R. Mitchell, International Historical Statistics: The Americas and Australasia (London: Macmillan, 1983), pp. 552–553, 820–821.
84. Jorgensen and Sachs, “Default and Renegotiation,” p. 58.
85. Arturo O’Connell, “Argentina into the Depression: Problems of an Open Economy,” in Latin America in the 1930s: The Role of the Periphery in World Crisis, ed. Rosemary Thorp (New York: St. Martin’s Press, 1984), p. 208.
86. Mitchell, International Historical Statistics, p. 777.
87. Barrie A. Wigmore, The Crash and Its Aftermath: A History of Securities Markets in the United States, 1929–1933 (Westport, Conn.: Greenwood Press, 1985), p. 205.
88. Albert Fishlow, “Lessons from the Past: Capital Markets during the 19th Century and the Interwar Period,” International Organization 39 (1985): 383–439.
89. Carlos F. Díaz-Alejandro, “Latin America in the 1930s,” in Thorp, Latin America in the 1930s, pp. 17–49.
90. Rosemary Thorp, Progress, Poverty, and Exclusion: An Economic History of Latin America in the 20th Century (Washington, D.C.: Inter-American Bank, 1998), pp. 113–117.
91. Díaz-Alejandro, “Latin America in the 1930s,” p. 24; José Manuel Campa, “Exchange Rates and Economic Recovery in the 1930s: An Extension to Latin America,” Journal of Economic History 50 (1990): 626–631.
92. See Pierluigi Ciocca and Gianni Toniolo, “Industry and Finance in Italy, 1918–1940,” Journal of European Economic History 13, special issue (1984): 130–131.
93. John Kenneth Galbraith, The Great Crash (Harmondsworth: Penguin, 1961), p. 38.
94. See Sidney Pollard, The Gold Standard and Employment Policies between the Wars (London: Methuen, 1970); Robert W. D. Boyce, British Capitalism at the Crossroads (Cambridge: Cambridge University Press, 1987); Kunz, Battle for Britain’s Gold Standard.
95. Milton Friedman and Anna J. Schwartz, Monetary Trends in the United States and the United Kingdom and Their Relation to Income, Prices, and Interest Rates, 1867–1975 (Chicago: University of Chicago Press, 1982), pp. 289–290; also Allan H. Meltzer, Keynes’s Monetary Theory: A Different Interpretation (Cambridge: Cambridge University Press, 1988), pp. 32–34.
96. Quoted in Alec Cairncross and Barry Eichengreen, Sterling in Decline: The Devaluations of 1931, 1949, and 1967 (Oxford: Basil Blackwell, 1983), p. 64.
97. Committee of Treasury, 27 July 1931, BE G14/316.
98. See Robert S. Sayers, The Bank of England, 1891–1944, vol. 1 (Cambridge: Cambridge University Press, 1976), pp. 323–330.
99. Harrison to Nornan, 18 May 1931, BE OV32.
100. On Kleinworts see Stephanie Diaper, “Merchant Banking in the Interwar Period: The Case of Kleinwort Sons & Co.,” Business History 28 (1986): 69–71.
101. Banks’ Clearing House, Totals of Outstanding Foreign Exchange Contracts, 21 July 1931, BE C43/75: German forward purchases of foreign exchange amounted to £19,633,340, Austrian purchases to £2,347,833, and Hungarian purchases to £1,026,267.
102. Harlow and James to Chief Cashier, Bank of England, 7 October 1930, BE C43/75.
103. Frederick Hyde diary, entries for 15 and 21 July 1931, Hongkong and Shanghai Bank Corporation, Midland Bank archive.
104. Minutes of meeting (Beaumont Pease), 24 September 1931; minutes of meeting (McKenna), 25 September 1931; both in BE G15/3019.
105. The Economist, Banking Supplement, 14 May 1932, p. 4.
106. Sir William Goode to Prime Minister Ramsay MacDonald, 18 September 1931, BE OV48/9.
107. Echo de Paris, 20 September 1931.
108. “Very Secret, No Distribution,” 20 September 1931, British Public Records Office (hereafter PRO) Cab. 60 (31).
109. See Barry Eichengreen and Olivier Jeanne, “Currency Crisis and Unemployment: Sterling in 1931,” Centre for Economic Policy Research Discussion Paper no. 1898 (London, June 1998).
110. Quoted in Andrew Boyle, Montagu Norman: A Biography (London: Cassel, 1967), pp. 267–268.
111. [Siepmann?,] Conversation with Lord Passfield, 8 September 1931, BE OV48/9.
112. Ben Bernanke, “Nonmonetary Effects of the Financial Crisis in the Propagation of the Great Depression,” American Economic Review 73 (1983): 257–276.
113. See Elmus Wicker, The Banking Panics of the Great Depression (Cambridge: Cambridge University Press, 1996), p. 92.
114. Milton Friedman and Anna J. Schwartz, Monetary History of the United States, 1867–1960 (Princeton: Princeton University Press, 1967), p. 317.
115. Critics of the Federal Reserve system’s policies make two points: that there would have been enough gold in the U.S. system to allow an expansion of the monetary base; and that the outflows of 1931 and 1932 were not analogous to the central European or British crises. After September 1931, it is claimed, most of the conversions were by other central banks, responding to losses from the sterling devaluation (but the drain was still interpreted as a dollar weakness); in the spring of 1932, it is said, there cannot have been a general panic, as Canada, South America, and the Far East were all still shipping gold to the United States and not participating in the European withdrawals. The clearest exposition of this critical case is in Michael D. Bordo, Ehsan U. Choudhri, and Anna J. Schwartz, “Was Expansionary Monetary Policy Feasible during the Great Contraction? An Examination of the Gold Standard Constraint,” National Bureau of Economic Research Working Paper no. 7125 (Cambridge, Mass., May 1999).
116. Herbert Stein, The Fiscal Revolution in America (Chicago: University of Chicago Press, 1969), p. 37.
117. Quoted in William J. Barber, From New Era to New Deal: Herbert Hoover, the Economists, and American Economic Policy, 1921–1933 (Cambridge: Cambridge University Press, 1985), p. 120.
118. Stein, Fiscal Revolution, p. 33.
119. Burgess to Harvey telephone call, 22 March 1932, FRBNY C261.
120. Hambro to Harvey telephone call, 30 May 1932 (memorandum of 2 June 1932), FRBNY 3117.2.
121. Crane note, 2 June 1932, FRBNY 3117.2.
122. Friedman and Schwartz, Monetary History, p. 423.
123. Barry A. Wigmore, “Was the Bank Holiday of 1933 Caused by a Run on the Dollar?” Journal of Economic History 47 (1987): 745.
124. Peter Temin and Barry Wigmore, “The End of One Big Deflation,” Explorations in Economic History 27 (1990): 483–502.
125. Wicker, Banking Panics, pp. 108 ff.
126. Wigmore, “Bank Holiday of 1933,” p. 749.
127. Barber, From New Era to New Deal, p. 142.
128. Wicker, Banking Panics, p. 125.
129. Kenneth S. Davis, FDR: The New York Years, 1928–1933 (New York: Random House, 1985), pp. 371, 367.
130. Samuel I. Rosenman, comp., The Public Papers and Addresses of Franklin D. Roosevelt, vol. 2: The Year of Crisis, 1933 (New York: Random House, 1938), p. 264.
131. Estimate of foreign short-term funds in Paris, 24 October 1933, BE OV45/6; Cobbold memorandum on visit to Paris, 24 October 1933, BE OV 45/83.
132. Memorandum, “French Gold,” 19 July 1931, BE OV45/5.
133. Charles Cariguel to Crane telephone call, 15 July 1932, FRBNY C261.
134. Les nouvelles financières et économiques, 3 June 1932.
135. Cariguel to Crane telephone call, 20 April 1933, FRBNY C261.
136. League of Nations, Public Finance, 1935 (Geneva, 1935), France, p. 4.
137. Quoted in Gordon Wright, Rural Revolution in France: The Peasantry in the Twentieth Century (Stanford: Stanford University Press, 1964), pp. 13–14.
138. Conseil Général Procès-Verbaux, 26 February 1931, BF. These figures were never released to the Chamber of Deputies.
139. Moret to finance minister, 19 March 1931, BF B84.
140. HAS [Siepmann] memorandum for Mr. Powell, 12 August 1930, BE OV45/81.
141. Moret to Norman telephone call, 28 October 1930, BE 45/81.
142. Conseil Général Procès-Verbaux, 27 November 1930, BF.
143. See Fernand de Brinon, “Le franc et la politique,” L’information, 10 May 1933.
144. Ministry of Commerce to Finance Ministry, 21 May 1931; Report of Comité régional, 13 February 1931; both in BF B84.
145. Conseil Général Procès-Verbaux, 17 February 1932, BF.
146. Jean Bouvier, “The French Banks: Inflation and Economic Crisis, 1919–1939,” Journal of European Economic History 13, no. 2 (1984): 50.
147. Conseil Général Procès-Verbaux, 6 December 1928, BF.
148. Ibid., 6 February 1933.
149. Ibid., 6 April 1933.
150. Ernest Rowe-Dutton memorandum, 7 May 1934, BE OV45/7; Conseil Général Procès-Verbaux, 29 March 1934, BF.
151. Service Nationale de Statistiques and Institut de Conjoncture, Mouvement économique en France de 1929 à 1939 (Paris: Imprimerie Nationale, 1941), p. 203.
152. Figures calculated from statistics in BF B30.
153. Cariguel to Crane telephone call, 5 March 1935, FRBNY C261.
154. Cariguel to Crane telephone call, 15 April 1935, FRBNY C261.
155. See Kenneth Mouré, “Une eventualité absolument exclue: French Reluctance to Devalue, 1933–1936,” French Historical Studies 15 (1988): 479–505.
156. Rowe-Dutton, note of conversation with Robert Lacour-Gayet, 28 May 1935, BE OV45/8.
157. Journal des finances, 29 November 1935.
158. L. Werner Knoke to Cariguel telephone call, 16 May 1935, FRBNY 261.
159. Marc Perrenoud, “Banques et diplomatie suisse à la fin de la Deuxième Guerre mondiale,” Schweizerisches Bundesarchiv Studien und Quellen 13–14 (1988): 17; Légation suisse aux Pays Bas, 1 July 1933, Swiss National Archive, Bern (hereafter SNA) E2001 (c) 3/147.
160. Interpellation 138, 7 December 1936; Konferenz betreffend Kapitalanlagen im Ausland, 28 January 1937, both in SNA 6100 (a) 14/814.
161. Schulthess to Finanzdepartement, 16 May 1935, SNA E6100 (a)/691.
162. Robert U. Vogler, “Das Bankgeheimnis: Seine Genese im politisch-wirtschaftlichen Umfeld” Schweizer Monatshefte 80, no. 3 (2000): 37–43.
163. Protokoll der interdepartementalen Konferenz zur Besprechung unsere wirtschaftlichen und finanziellen Beziehungen zu Deutschland, 23 May 1932, SNA E2001 (c) 3/146.
164. S.E.D. to Finanzdepartement, 7 June 1934, SNA E2001 (c)/524.
165. Meeting in Nationalbank, 4 February 1933, SNA E7800/1/99.
166. See Ginette Kurgan-van Hentenryk, “Finance and Financiers in Belgium,” in Finance and Financiers in European History, ed. Youssef Cassis (Cambridge: Cambridge University Press, 1992), pp. 317–335; and Guy Vanthemmsche, “State, Banks, and Industry in Belgium and the Netherlands,” in James, Lindgren, and Teichova, Role of Banks in Interwar Economy, pp. 104–121.
167. Richard T. Griffiths, ed., The Netherlands and the Gold Standard, 1931–193: A Study in Policy Formation and Policy (Amsterdam: NEHA, 1987), pp. 201–202.
168. Ibid., p. 96.
169. Pierre Renou, La dévaluation du franc suisse: ses causes, ses effets, son enseignement (Bordeaux: Delmas, 1939).
170. Miles Fletcher, “Japanese Banks and National Eonomic Policy 1920–1936,” in James, Lindgren, and Teichova, Role of Banks in Interwar Economy, pp. 254–255.
171. Eleanor M. Hadley, “The Diffusion of Keynesian Ideas in Japan,” in The Political Power of Economic Ideas: Keynesianism across Nations, ed. Peter A. Hall (Princeton: Princeton University Press, 1989), pp. 292–294; Shinju Fujihira, “Conscripting Money: Total War and Fiscal Revolution in the Twentieth Century” (Ph.D. diss., Princeton University, 2000).
172. Caroline M. Betts, Michael D. Bordo, and Angela A. Redish, “Small Open Economy in Depression: Lessons from Canada in the 1930s,” Canadian Journal of Economics 29 (1996): 1–36.
173. Ian M. Drummond, “Why Canadian Banks Did not Collapse in the 1930s,” in James, Lindgren, and Teichova, Role of Banks in Interwar Economy, pp. 232–250.
174. Governors’ meeting, 11 December 1932, BE OV5/6.
175. Report of the Gold Delegation of the Financial Committee (Geneva: League of Nations, 1932), p. 24.
176. Bonn, Mlynarski, and Chalendar to President of Gold Delegation, 12 January 1932; Jung to Trip, 8 January 1932; both in LN R2962.
177. Crane memorandum, 12 November 1931, FRBNY 797.41.
178. Kaminsky and Reinhart, “The Twin Crises.” The most thorough recent survey of the literature is Graciela L. Kaminsky, Saul Lizondo, and Carmen M. Reinhart, “Leading Indicators of Currency Crises,” IMF Staff Papers 45 (1998): 1–48.
1. W. Arthur Lewis, “World Production, Prices and Trade, 1870–1960,” Manchester School of Economic and Social Studies 20 (1952): 105–138.
2. Calculated from Alfred Maizels, Industrial Growth and World Trade (Cambridge: Cambridge University Press, 1963).
3. League of Nations, World Production and Prices, 1937/8 (Geneva, 1938). See also Douglas A. Irwin, “The GATT in Historical Perspective,” American Economic Review 85, no.3 (May 1995): 324.
4. League of Nations, World Production and Prices, 1925–1932 (Geneva, 1933), p. 39.
5. John Maynard Keynes, “National Self-sufficiency,” Yale Review, June 1933; Dennis Holme Robertson, “The Future of International Trade,” Economic Journal 48, no. 189 (1938): 1–14. See also Werner Sombart, Die deutsche Volkswirtschaft im 19. Jahrhundert (Berlin: G. Bondi, 1909).
6. Economic Policy Committee, 24 April 1933, in Documents on German Foreign Policy, 1918–1945, Series C: The Third Reich, The First Phase (Washington, D.C.: U.S. Government Printing Office, 1957), doc. 182, p. 337.
7. Robertson, “Future of International Trade,” p. 9.
8. Maizels, Industrial Growth and World Trade, p. 192.
9. Committee on Industry and Trade, Survey of Overseas Markets (London, 1925).
10. Maizels, Industrial Growth and World Trade, p. 228.
11. Heinrich Liepmann, Tariff Levels and the Economic Unity of Europe: An Examination of Tariff Policy, Export Movements and the Economic Integration of Europe, 1913–31 (London: G. Allen and Unwin 1938), p. 165.
12. Klaus E. Knorr, World Rubber and Its Regulation (Stanford: Stanford University Press, 1945).
13. This sort of calculation is the basis of the analysis of trade offered by Beth A. Simmons, Who Adjusts? Domestic Sources of Foreign Economic Policy during the Interwar Years (Princeton: Princeton University Press, 1994), p. 176.
14. Anne O. Krueger, “The Political Economy of a Rent-seeking Society,” American Economic Review 64, no. 3 (June 1974): 291–303. Charle Kershaw Rowley and Robert D. Tollison, “Rent-seeking and Trade Protection,” in Protectionism and Structural Adjustment, ed. Heinz Hauser (Grüsch: Verlag Rügger, 1986), pp. 141–166; Bruno S. Frey, International Political Economics (Oxford: Basil Blackwell, 1984).
15. Simmons, Who Adjusts? pp. 198–202.
16. John A. C. Conybeare, “Tariff Protection in Developed and Developing Countries: A Cross-sectional and Longitudinal Analysis,” International Organization 37, no. 3 (Summer 1983): 441–467; Stephen D. Krasner, “State Power and the Structure of International Trade,” World Politics 28, no. 3 (April 1976): 317–343.
17. See Harry G. Johnson, “An Economic Theory of Protectionism, Tariff Bargaining and the Foundation of Customs Unions,” Journal of Political Economy 73 (1965): 256–283; Bruno S. Frey and Friedrich Schneider, “International Political Economy: A Rising Field,” Economia Internazionale 37, no. 3 (1984): 3–42.
18. Daniel Verdier makes an intriguing case for the nondeterminancy of political outcomes on trade issues in democracies: Democracy and International Trade: Britain, France, and the United States, 1860–1990 (Princeton: Princeton University Press, 1994).
19. Brian R. Mitchell, European Historical Statistics: The Americas and Australasia (London: Macmillan, 1983).
20. Pierre Barral, Les Agrariens français de Méline à Pisani (Paris: A. Colin, 1968), p. 223.
21. See Frank William Taussig, The Tariff History of the United States (New York: G. P. Putnam’s Sons, 1931). Taussig played a key role in working out the Democratic position on tariff reduction.
22. Liepmann, Tariff Levels and Economic Unity, pp. 58–59.
23. Arthur Fischer Bentley, The Process of Government: A Study of Social Pressures (Chicago: University of Chicago Press, 1908).
24. Quoted in Daniel Rodgers, Contested Truths: Keywords in American Politics since Independence (New York: Basic Books, 1987), p. 181.
25. Elmer Schattschneider, Political Pressures and the Tariff: A Study of Free Private Enterprise in Pressure Politics as Shown in the 1929–1930 Revision of the Tariff (New York: Prentice-Hall, 1935), p. 86.
26. Robert A. Pastor, Congress and the Politics of U.S. Foreign Economic Policy, 1929–1976 (Berkeley: University of California Press, 1980), p. 80.
27. See Charles S. Maier, Recasting Bourgeois Europe: Stabilization in France, Germany, and Italy in the Decade after World War I (Princeton: Princeton University Press, 1975).
28. See Karl-Heinrich Pohl, Weimars Wirtschaft und die Aussenpolitik der Republik, 1924–1926 (Düsseldorf: Droste Verlag 1979), especially pp. 278 ff.
29. Posse to Ritter, 26 July 1927, in Akten zur Deutschen Auswärtigen Politik: Aus dem Archiv des Auswärtigen Amtes, Series B, vol. VI (Göttigen: Vandenhoeck und Ruprecht, 1974), doc. 68, pp. 139–41.
30. Ritter to Posse, 5 July 1927, ibid., doc. 6, pp. 15–16.
31. Posse to Ritter, 12 July 1927, ibid., doc. 25, pp. 51–54.
32. Liepmann, Tariff Levels and Economic Unity, pp. 116–117; Bernhard Harms, Strukturwandlungen der Weltwirtschaft (Jena: Fischer, 1927).
33. Liepmann, Tariff Levels and Economic Unity, p. 117.
34. H. J. Hutchinson note, “Safeguarding of Industries: Commercial Motor Vehicles,” Public Record Office, London (hereafter PRO), T172/1513.
35. Charles Kindleberger, “Commercial Policy between the Wars,” in Cambridge Economic History of Europe, vol. 7 (Cambridge: Cambridge University Press, 1989), p. 167; John Bell Condliffe, The Reconstruction of World Trade: A Survey of International Economic Relations (New York: W. W. Norton, 1940).
36. League of Nations, The World Economic Conference, Geneva, May 1927, Final Report (Geneva, 1927), p. 31.
37. See Johnson, “An Economic Theory of Protectionism.”
38. Speech by Colijn, 14 January 1931, LN R2668.
39. See Hal B. Lary and Wayne C. Taylor, The United States in the World Economy: The International Transactions of the United States during the Interwar Period (Washington, D.C.: Bureau of Foreign and Domestic Commerce, 1943), pp. 171–172.
40. Joseph Marion Jones Jr., Tariff Retaliation: Repercussions of the Hawley-Smoot Bill (Philadelphia: [n.p.], 1934), p. 87.
41. Ibid., pp. 108, 122.
42. Resolution, 9 November 1929, LN R3589.
43. Quoted in Jones, Tariff Retaliation, p. 265.
44. On the failure of Briand, see Robert D. Boyce, “Britain’s First ‘No’ to Europe: Britain and the Briand Plan,” European Studies Review 10, no. 1 (January 1980): 18–45.
45. Leith-Ross to de Bordes, 19 December 1931; Ritter to de Bordes, 17 December 1931; both in LN S69.
46. Federation of British Industry resolution, 10 February 1932, PRO T172/1513.
47. PRO Cab. CP 41 (32); discussed at cabinet meeting of 27 April 1932, Cab. 9 (32).
48. W. J. Clarke (director of National Federation of Iron and Steel) to Chamberlain, 19 February 1932; Maj.-Gen. Alfred Knox, M.P. for Wycombe, to Chamberlain, 9 February 1932; both in PRO T172/1513.
49. See Forrest Capie, Depression and Protectionism: Britain between the Wars (London: Allen and Unwin, 1983), pp. 77–95; and, on the IDAC, Clemens Wurm, Business, Politics, and International Relations: Steel, Cotton, and International Cartels in British Politics, 1924–1939 (Cambridge: Cambridge University Press, 1993).
50. Quoted in Capie, Depression and Protectionism, p. 25.
51. Quoted in Richard Norman Kottmann, Reciprocity and the North Atlantic Triangle, 1932–1938 (Ithaca: Cornell University Press, 1968), p. 21.
52. See David L. Glickman, “The British Imperial Preference System,” Quarterly Journal of Economics 61, no. 3 (May 1947): 439–470; Donald MacDougall and Rosemary Hutt, “Imperial Preference: A Quantitative Analysis,” Economic Journal 64, no. 254 (June 1954): 233–257.
53. Cabinet meeting, 15 March 1933, PRO C18/33.
54. Cabinet meeting, 28 November 1932, PRO C47/32.
55. Cabinet meeting, 27 August 1932, RO C46/32.
56. League of Nations, Review of World Trade, 1936 (Geneva, 1936), p. 42.
57. Report and Draft Resolution submitted by the Second Committee to the Assembly, 23 September 1931, LN R2915.
58. David Marquand, Ramsay MacDonald (London: Jonathan Cape, 1977), p. 721.
59. Hoesch cable, 20 December 1930; Curtius to Hoesch, 29 December 1930; both in Politisches Archiv des Auswärtigen Amtes, Bonn (hereafter PA/AA), W21A.
60. Castle memorandum, 29 October 1930, State Department 462.00, R266/5027, National Archives, Washington, D.C. (hereafter NA).
61. Second meeting of Monetary Subcommittee, 1 November 1932, LN R2672.
62. Third meeting of Preparatory Committee, 7 November 1932, LN R2671.
63. Organizing Committee note, 22 November 1932, LN R2670.
64. The Guardian, 26 October 1932.
65. Posse to Berger, 12 January 1933, PA/AA W21A.
66. Pietro Stoppani, “First reflections on the Preparatory Commission’s Task in regard to international trade,” 26 October 1932, LN R2671.
67. Meeting, 7 November 1932, LN R2671.
68. Stimson to MacDonald, 27 January 1933, PRO 30/69/678.
69. The best treatment of the conference is Patricia Clavin, The Failure of Economic Diplomacy: Britain, Germany, France, and the United States, 1931–36 (London: Macmillan, 1996).
70. Hoesch cable, 5 April 1933, PA/AA W21A/6.
71. Foreign Relations of the United States, 1933, vol. 1 (Washington, D.C.: U.S. Government Printing Office, 1953), p. 621.
72. Memorandum, “Dem Herrn Reichsminister vorzulegen für die Unterredung mit Norman Davis,” 10 April 1933, PA/AA W21A/6.
73. Aussenminister to Staatssekretär in der Reichskanzlei, 11 April and 4 May 1933, PA/AA 21A/6 and 21A/7.
74. Documents on German Foreign Policy, doc. 312, quotations pp. 563–564, 567.
75. Krogmann cable, 7 July 1933, PA/AA 21A/12.
76. New York Times, 4 May 1933.
77. Washington Post, 16 May 1933.
78. Report of German delegation, 15 July 1933, PA/AA 21A/14.
79. Pastor, Congress and Foreign Economic Policy, p. 83.
80. Hull to H. Wallace, 25 December 1934, Hull Papers, reel 50.
81. H. Clay memorandum on conversation with Riefler, 16 June 1936, BE OV31/27.
82. Dodd to Hull, 19 May 1934, Hull Papers, reel 11.
83. T. W. Page to Hull, 25 January 1933, Hull Papers, reel 9.
84. Hull memorandum, 1 June 1934, Hull Papers, reel 50.
85. See Thomas Ferguson, “From Normalcy to New Deal: Industrial Structure, Party Competition, and American Public Policy during the Great Depression,” International Organization 38, no. 1 (1984): 86–92. A much more skeptical view is presented by Stephan Haggard, “The Institutional Foundations of Hegemony: Explaining the Reciprocal Trade Agreements Act of 1934,” International Organization 42, no. 1 (1988): 91–120.
86. Pastor, Congress and Foreign Economic Policy, p. 91; Lawrence H. Chamberlain, President, Congress, and Legislation (New York: Columbia University Press, 1946), pp. 131–132.
87. Henry J. Tasca, The Reciprocal Trade Policy of the United States: A Study in Trade Philosophy (Philadelphia: University of Pennsylvania Press, 1938).
88. U.S. Congressional Record, 4 February 1937.
89. Memorandum: “Situation of the Cotton Industry,” 19 April 1935, Hull Papers, reel 33, 63/274.
90. Kottmann, Reciprocity, p. 217.
91. Tim Rooth, British Protectionism and the International Economy: Overseas Commercial Policy in the 1930s (Cambridge: Cambridge University Press, 1993), pp. 288–289.
92. Memorandum, 27 October 1933, BE OV31/23.
93. Daniels to Hull (and Roosevelt), 17 August 1934, Hull Papers, reel 11.
94. See especially Richard Overy, War and Economy in the Third Reich (Oxford: Oxford University Press, 1994), pp. 93–118.
95. See Dietrich Eichholtz, “Das Expansionsprogramm des deutschen Finanzkapitals am Vorabend des zweiten Weltkriegs,” in Der Weg in den Krieg, ed. Dietrich Eichholtz and Kurt Pätzold (Cologne: Pahl-Rugenstein 1989), pp. 1–40.
96. See League of Nations, World Economic Survey, 1934/5 (Geneva, 1935), pp. 176–178.
97. Second meeting of Ministry of Agriculture and Fisheries Committee, 22 April 1933, PRO MAF 40/12.
98. Morgenthau cable for Wallace, 5 July 1933, in Foreign Relations of the United States, 1933, 1: 808–809.
99. Richard C. Snyder, “Commercial Policy as Reflected in Treaties from 1931 to 1939,” American Economic Review 30, no. 4 (December 1940): 792.
100. Albert O. Hirschman, “Statistical Study of the Trend of Foreign Bilateral Trade toward Equilibrium and Bilateralism,” in Studies in the Surplus Approach: Political Economy 4, no. 1 (1988): 111–124.
101. Pier Francesco Asso, “Bilateralism, Trade Agreements, and Political Economics in the 1930s: Theories and Events Underlying Hirschman’s Index,” ibid., pp. 85, 95.
102. Rooth, British Protectionism, pp. 126–43.
103. Ansprache des Reichsbankpräsidenten Dr. Hjalmar Schacht auf dem 8. Allgemeinen Bankiertag zu Berlin am 10. Mai 1938, Bavarian State Archive, Munich, MWi 414, pp. 6–7.
104. Howard Sylvester Ellis, Exchange Control in Central Europe (Cambridge, Mass: Harvard University Press, 1941), pp. 128–129.
105. Alan S. Milward, “The Reichsmark Bloc and the International Economy,” in The “Führer State”: Myth and Reality, ed. Gerhard Hirschfeld and Lothar Kettenacker (Stuttgart: Klett-Cotta, 1981), p. 378.
106. Royal Institute of International Affairs, South-Eastern Europe: A Brief Survey (London: Oxford University Press, 1940), p. 121. See also Ellis, Exchange Control in Central Europe.
107. See Philippe Marguerat, Le IIIe Reich et le pétrole roumanin, 1938–1940 (Leiden: A. W. Sijthoff, 1977).
108. Ellis, Exchange Control in Central Europe, quoted in Larry Neal, “The Economics and Finance of Bilateral Clearing Agreements,” Economic History Review 32, no. 3 (1979): 395.
109. Milward, “Reichsmark Bloc,” p. 401.
110. Robert M. Spaulding, Osthandel and Ostpolitik: German Foreign Trade Policies in Eastern Europe from Bismarck to Adenauer (Providence: Berghahn, 1987), pp. 263–265.
111. Ibid., p. 257.
112. Albert O. Hirschman, National Power and the Structure of Foreign Trade (Berkeley: University of California Press, 1945), pp. 29–34.
113. Ibid., p. 39.
114. Douglas A. Irwin and Barry Eichengreen, “Trade Blocs, Currency Blocs, and the Reorientation of World Trade in the 1930s,” Journal of International Economics 36 (1995): 1–24.
115. Henry Kissinger, Diplomacy (New York: Simon and Schuster, 1994), pp. 290–291.
116. League of Nations, Prices and Production, 1937/8 (Geneva, 1938), pp. 84–85.
117. League of Nations, Review of World Trade, 1938 (Geneva, 1938), p. 34.
118. Erika Jorgensen and Jeffrey Sachs, “Default and Renegotiation of Latin American Foreign Bonds in the Interwar Period,” in The International Debt Crisis in Historical Perspective, ed. Barry Eichengreen and Peter Lindert (Cambridge, Mass.: MIT Press, 1989), pp. 48–85.
119. Report of the Finance Ministry, 13 June 1931, BE OV 102/1.
120. PA/AA Argentinien Finanzen 16/1.
121. Board of Trade, “Draft first report of the Subcommittee for Exchange Restrictions in South and Central America,” 2 February 1933, BE OV 102/2.
122. The Economist, 22 October 1932; R. Gravil and T. Rooth, “A Time of Acute Dependence: Argentina in the 1930s,” Journal of European Economic History 7 (1978): 347.
123. Sir Otto Ernest Niemeyer (1883–1971), from 1927 adviser to the Governor, Bank of England, from 1932 director of BIS.
124. Clay to Osborne, 4 February 1933, BE OV102/2.
125. Niemeyer cable to Hambro, 9 February 1933, BE G1/401.
126. Niemeyer cable to Hambro, 27 February 1933, BE G1/402.
127. Niemeyer cable to Hambro, 28 January 1933, BE G1/403. See in general Alberto Hueyo, La Argentina en la depresion mundial (Buenos Aires: Liberia editorial “El Ateneo,” 1938).
128. Niemeyer cable to Hambro, 19 February 1933, BE G1/403.
129. C. Hambro memorandum, 20 March 1933, BE OV102/2.
130. Kelly interview with Argentine Ambassador, 30 August 1933, PRO 371/16534; also Gravil and Rooth, “A Time of Acute Dependence,” p. 365.
131. Cabinet meeting, 15 March 1933, PRO C18/33.
132. Gravil and Rooth, “A Time of Acute Dependence,” p. 350.
133. Prebisch to Ritter, 7 August 1934, HaPol Ritter Argentinien, Bd. 1, PA/AA.
134. Rivista de economía argentina 36 (1936): 233, 228.
135. Memorandum by Schwarte (IG Farben), 27 January 1937, Handakten Clodius, PA/AA.
136. German embassy to Auswärtiges Amt, 22 July 1936; Schlotterer memorandum, 15 December 1936; both in Argentinien Handel 13, PA/AA.
137. Kiep Aktennotiz, 5 November 1936; Thermann (German minister in Buenos Aires) cable to Auswärtiges Amt, 6 November 1936; both in HaPol Ritter, Argentinien, Bd. 2, PA/AA.
138. See for instance the list of complaints in Schlotterer to Fricke, 13 January 1937, ibid.
139. Thermann Aufzeichnung, 18 August 1940, Kriegsgerät Argentinien, PA/AA.
140. D. W. Giffin, “The Normal Years: Brazilian-American Relations, 1930–1939” (Ph.D. diss., Vanderbilt University, 1962), p. 200.
141. League of Nations, Review of World Trade, 1938, p. 54.
142. Ritter notes on interview with Brazilian ambassador, 15 October 1936, Brazilien Handel 11/1, PA/AA.
143. Ritter interview, 6 August 1936; Fricke memorandum, 5 October 1936; both in Brazilien Handel 13/2, PA/AA.
144. Stanley E. Hilton, Brazil and the Great Powers, 1930–1939: The Politics of Trade Rivalry (Austin: University of Texas Press, 1975), p. 105.
145. New York Times, 2 January 1937.
146. Wall Street Journal, 17 July 1937.
147. Hilton, Brazil and the Great Powers.
148. Confidential report, Bankers Trust Company, March 1938, Brazilien Handel 12, Bd. 1, PA/AA.
149. Ritter cable to Auswärtiges Amt, 14 July 1938, ibid.
150. First meeting of Latin America conference, 12 June 1939, Clodius Handakten Argentinien 5, PA/AA.
151. Niemeyer at second session of Committee on Clearing Agreements, 25–30 March 1935; Loveday to H. R. Cummings, 3 May 1935; both in LN R4422.
152. A. P. Rosenholz, Fifteen Years of the Foreign Trade Monopoly of the U.S.S.R. (Moscow: Cooperative Publishing Society of Foreign Workers in the U.S.S.R, 1933), p. 5.
153. Interview in 1927, quoted in J. D. Yanson, Foreign Trade in the U.S.S.R. (New York: Putnam, 1935), p. 24.
154. Quoted in Edward H. Carr and Robert W. Davies, Foundations of a Planned Economy, 1926–1929, vol. 1 (Harmondsworth: Penguin, 1974), p. 750.
155. Ibid., p. 747.
156. Yanson, Foreign Trade, p. 57.
157. Ibid., p. 55.
158. Jacob Viner, International Trade and Economic Development (Glencoe, Ill.: Free Press, 1952), p. 109.
159. Nicolas Spulber, The Soviet Economy: Structures Principles Problems (New York: W. W. Norton, 1969), pp. 255–269.
160. Yanson, Foreign Trade, p. 30.
161. Quoted in Richard B. Day, The “Crisis” and the “Crash”: Soviet Studies of the West (1917–1939) (London: New Left Books, 1981), p. 202.
162. Paul R. Gregory, Before Command: An Economic History of Russia from Emancipation to the First Five-Year Plan (Princeton: Princeton University Press, 1994), p. 129.
163. Carr and Davies, Foundations, p. 757.
164. Glenn A. Smith, Soviet Foreign Trade: Organization, Operations, and Policy, 1918–1971 (New York: Praeger, 1973), p. 16.
165. Yanson, Foreign Trade, p. 120; Harold James, The Reichsbank and Public Finance in Germany, 1924–1933 (Frankfurt: Fritz Knapp, 1985), p. 309; Hartmut Pogge von Strandmann, “Industrial Primacy in German Foreign Relations? Myths and Realities in Russian-German Relations at the End of the Weimar Republic,” in Social Change and Political Development in Weimar Germany, ed. Richard Bessel and Ernst J. Feuchtwanger (London: Croom Helm, 1981), p. 94.
166. James, Reichsbank and Public Finance, p. 308; Andrew J. Williams, Trading with the Bolsheviks: The Politics of East-West Trade, 1920–39 (Manchester: Manchester University Press, 1992), p. 161.
167. Spaulding, Osthandel and Ostpolitik, p. 268.
168. Robert Conquest, The Great Terror: Stalin’s Purges of the 1930s (Harmondsworth: Penguin, 1971), pp. 220–258.
169. Isaac Deutscher, Stalin: A Political Biography (London: Oxford University Press, 1949), pp. 340–341.
170. Vladislav Zubok and Constantine Pleshakov, “The Soviet Union,” in The Origins of the Cold War in Europe: International Perpectives, ed. David Reynolds (New Haven: Yale University Press, 1994), pp. 60, 62.
171. Calculated from U.S. Bureau of the Census, Statistical Abstract of the United States (Washington, D.C.: U.S. Department of Commerce, 1949); League of Nations, Review of World Trade, 1938, p. 60.
172. See also Folke Hilgerdt, “The Approach to Bilateralism—A Change in the Structure of World Trade,” Index Svenska Handelsbanken 10 (1935): 175–188; Kindleberger, “Commercial Policy between the Wars,” pp. 188–190.
173. See John S. Odell, U.S. International Monetary Policy: Markets, Power, and Ideas as Sources of Change (Princeton: Princeton University Press, 1982); Stephen D. Krasner, “United States Commercial and Monetary Policy: Unraveling the Paradox of External Strength and Internal Weakness,” in Between Power and Plenty: Foreign Economic Policies of Advanced Industrial States, ed. Peter J. Katzenstein (Madison: University of Wisconsin Press, 1978); Joanne S. Gowa, “Public Goods and Political Institutions: Trade and Monetary Policy Processes in the United States,” International Organization 42, no. 1 (1988): 15–32.
1. Barry Eichengreen and Timothy J. Hatton, “Interwar Unemployment in International Perspective: An Overview,” in Interwar Unemployment in International Perspective, ed. Eichengreen and Hatton (Dordrecht: Kluwer, 1988), pp. 6–7.
2. David Marquand, Ramsay MacDonald (London: Jonathan Cape, 1977), p. 537.
3. Barry Eichengreen and Jeffrey Sachs, “Exchange Rates and Economic Recovery in the 1930s,” Journal of Economic History 45 (December 1985): 925–946; Ben Bernanke and Harold James, “The Gold Standard, Deflation, and Financial Crisis in the Great Depression: An International Comparison,” in Financial Markets and Financial Crises, ed. R. Glenn Hubbard (Chicago: University of Chicago Press, 1991); Ben Bernanke and Kevin Carey, “Nominal Wage Stickiness and Aggregate Supply in the Great Depression,” Quarterly Journal of Economics 111 (August 1996): 852–883; Michael D. Bordo, Christopher J. Erceg, and Charles L. Evans, “Money, ‘Sticky Wages,’ and the Great Depression,” NBER Working Paper 6071, June 1997.
4. Barry Eichengreen, Golden Fetters: The Gold Standard and the Great Depression, 1919–1939 (New York: Oxford University Press, 1992), p. 16.
5. George S. Bain and Robert Price, Profiles of Union Growth: A Comparative Statistical Portrait of Eight Countries (Oxford: Blackwell, 1980), pp. 88, 123, 133, 142.
6. A. M. Endres and K. E. Jackson, “Policy Responses to the Crisis: Australasia in the 1930s,” in Capitalism in Crisis: International Responses to the Great Depression, ed. W. R. Garside (London: Pinter, 1993), pp. 157, 161.
7. R. G. Gregory, V. Ho, L. McDermott, and Jim Hagan, “The Australian and U.S. Labour Markets in the 1930s,” in Eichengreen and Hatton, Interwar Unemployment in International Perspective, pp. 397–420.
8. Anthony P. O’Brien, “A Behavioral Explanation for Nominal Wage Rigidity during the Great Depression,” Quarterly Journal of Economics 104 (November 1989): 719–736.
9. Lionel Robbins, The Great Depression (London: Macmillan, 1934), pp. 60–61.
10. Edwin Cannan, “The Post-War Unemployment Problem,” Economic Journal 40, no. 157 (March 1930): 45–55; Jacques Rueff, “Les variations du chomage en Angleterre,” Revue politique et parlamentaire 125 (1925).
11. David K. Benjamin and Levis A. Kochin, “Searching for an Explanation of Unemployment in Interwar Britain,” Journal of Political Economy 87 (June 1979): 441–478.
12. Barry Eichengreen, “Unemployment in Interwar Britain: New Evidence from London,” Journal of Interdisciplinary History 27 (Autumn 1986): 335–358.
13. W. R. Garside, British Unemployment, 1919–1939: A Study in Public Policy (Cambridge: Cambridge University Press, 1990), p. 101.
14. Knut Borchardt, “Constraints and Room for Manoeuvre in the Great Depression of the Early Thirties: Towards a Revision of the Received Historical Picture,” in Perspectives on Modern German Economic History and Policy (Cambridge: Cambridge University Press, 1991), pp. 143–160; Theo Balderston, The Origins and Course of the German Economic Crisis, 1923–1932 (Berlin: Haude and Spener, 1993), p. 16.
15. Balderston, Origins and Course, pp. 36–43; Johannes Bähr, Staatliche Schlichtung in der Weimarer Republik: Tarifpolitik, Korporatismus, und industrieller Konflikt zwischen Inflation und Deflation, 1919–1932 (Berlin: Colloquium Verlag, 1989).
16. Quoted in John W. Gregory, Human Migration and the Future: A Study of the Causes, Effects and Control of Emigration (London: Seley Service, 1928), p. 113.
17. Michael A. Bernstein, The Great Depression: Delayed Recovery and Economic Change in America, 1929–1939 (New York: Cambridge University Press, 1987), pp. 84, 92.
18. Peter Temin, Did Monetary Forces Cause the Great Depression? (New York: W. W. Norton, 1976), pp. 66–67, citing George C. Galster, “Immigration Activity and Construction Activity in the 1920s” (Paper, Massachusetts Institute of Technology, 1972).
19. See Claudia Goldin, “The Political Economy of Immigration Restriction in the United States, 1890 to 1921,” in The Regulated Economy: A Historical Approach to Political Economy, ed. Claudia Goldin and Gary D. Libecap (Chicago: University of Chicago Press, 1994), pp. 223–257.
20. Proceedings of the World Population Conference (London: Edward Arnold, 1927), p. 276.
21. Arthur M. Carr-Saunders, World Population: Past Growth and Present Trends (Oxford: Oxford University Press, 1936), p. 196.
22. Quoted in John W. Follows, Antecedents of the International Labour Organization (Oxford: Clarendon Press, 1951), p. 3.
23. James T. Shotwell, ed., The Origins of the International Labor Organization, 2 vols. (New York: Columbia University Press, 1934), 1: 4.
24. Follows, Antecedents, p. 24.
25. Hartmut Pogge von Strandmann, ed., Walther Rathenau: Industrialist, Banker, Intellectual and Politician: Notes and Diaries, 1907–1922 (Oxford: Oxford University Press, 1985), p. 224.
26. Shotwell, Origins, 1: 17.
27. Ibid., pp. 225–226.
28. Francis Graham Wilson, Labor in the League System: A Study of the International Labor Organization in Relation to International Administration (Stanford: Stanford University Press, 1934), pp. 334–335.
29. Quoted in address of Albert Thomas, “International Migration and Its Control,” Proceedings of the World Population Conference, 1927, p. 262.
30. Shotwell, Origins, 2: 180–181.
31. Quoted in Wilson, Labor in the League System, p. 284.
32. Quoted in ibid., p. 285.
33. SNA E 6351 (F) 1, 521.
34. Carr-Saunders, World Population, p. 158.
35. René Del Fabbro, Transalpini: Italienische Arbeitswanderung nach Süddeutschland im Kaiserreich 1870–1918 (Osnabrück: Rasch, 1996), p. 84.
36. The most detailed account of the link between inflation experience and wage bargaining is to be found in Balderston, Origins and Course. See also Bähr, Staatliche Schlichtung.
37. Thomas, “International Migration,” quotations pp. 256–257, 264.
38. Brian R. Mitchell, European Historical Studies, 1750–1970 (London: Macmillan, 1978), p. 29.
39. Stephen Kotkin, Magnetic Mountain: Stalinism as a Civilization (Berkeley: University of California Press, 1995), p. 34.
40. Louise Young, Japan’s Total Empire: Manchuria and the Culture of Wartime Imperialism (Berkeley: University of California Press, 1998), pp. 213, 231.
41. Claudio G. Segrè, Fourth Shore: The Italian Colonization of Libya (Chicago: University of Chicago Press, 1974), pp. 83, 93, 95.
42. Hans Grimm, Volk ohne Raum (Munich: Alobert Langen, 1928), pp. 10–11.
43. Quoted in Ian Kershaw, Hitler, 1889–1936: Hubris (New York: W. W. Norton, 1999), p. 249.
44. Hitler’s Secret Book, trans. Salvator Attanasio (New York: Grove Press, 1961), p. 19.
45. Kershaw, Hitler, p. 442.
46. Rainer Zitelmann, Hitler: Selbstverständnis eines Revolutionärs (Stuttgart: Klett, 1987), pp. 311–317.
47. Klaus Hildebrand, Das vergangene Reich: Deutsche Aussenpolitik von Bismarck bis Hitler 1871–1945 (Stuttgart: DVA, 1995), p. 638.
48. “Poland’s Efforts to Obtain a Common Frontier with Hungary,” National Minorities 1 (January–March 1939): 41–45.
49. Joseph Roth, Die Kapuzinergruft (Bilthoven: De Gemeenschap, 1938), p. 207.
1. Klaus A. Langweit, ed., Hitler: Reden, Schriften, Anordnungen, vol. 5, pt. 1: Februar 1925 bis Januar 1933 (Munich: Saur, 1996), p. 284.
2. John Galsworthy, The Forsyte Saga (New York: Scribner, 1933), p. 665.
3. Martin Gregor-Dellin, ed., Richard Wagner: Mein Denken (Munich: Piper, 1982), p. 174.
4. Gerald D. Feldman, The Great Disorder: Politics, Economics and Society in the German Inflation, 1914–1924 (New York: Oxford University Press, 1993), pp. 200–202.
5. Helen B. Junz, “Report on the Pre-War Wealth Position of the Jewish Population in Nazi-Occupied Countries, Germany, and Austria,” in Independent Committee of Eminent Persons, Report on Dormant Accounts of Victims of Nazi Persecution in Swiss Banks (Bern: Staempfli, 1999), p. A-180.
6. André Bouton, “Note sur l’état dans l’Ouest de l’opinion concernant les finances publiques,” February 1936, BF Devaluation file IX.
7. Ministry of Finance archive (hereafter FFM), B18675.
8. Etat-Major de l’Armée, 2e Bureau, 2 April 1936, FFM B18675.
9. Cobbold note, 29 January 1935, BE OV45/84; Tannery to Norman, 8 May 1936, BF England.
10. Humanité, 22 and 5 November 1935.
11. Le petit parisien, 13 April 1936.
12. Journal officiel de la République Française: Débats parlementaires, Chambre des Députés, 15e legislature, 34e séance, 3 December 1934, p. 2947.
13. René Girault, “Léon Blum, la dévaluation, et la conduite de la politique extérieure de la France,” Relations internationales 13 (1978): 98; also Robert Frankenstein, Le prix du réarmement français, 1935–1939 (Paris: Publications de la Sorbonne, 1982), pp. 130–131.
14. John Morton Blum, From the Morgenthau Diaries: Years of Crisis, 1928–1938 (Boston: Houghton Mifflin, 1959), pp. 155–159.
15. Ernest Rowe-Dutton to Sigismund Waley, 19 July 1937, BE OV45/12.
16. Gold Movements, 18–31 May 1936, BF B30.
17. Rowe-Dutton to Waley, 14 May 1936, BE OV 34/10. Commentaires, 24 November 1935, claimed that Paribas (as well as Lazards) was sympathetic to devaluation.
18. Report of Inspector Général Bloch, 1937, BF B34.
19. Frankenstein, Le prix du réarmement français, p. 129.
20. On the connections between these events, see ibid., p. 137.
21. Jean Bouvier, “The French Banks, Inflation, and the Economic Crisis, 1919–1939,” Journal of European Economic History 13, no. 2, special issue (1984): 72.
22. Note (unsigned) on Paris visit, 8 December 1937, BE OV45/86.
23. On the relative insignificance of the Tripartite Pact, except as a political statement of solidarity with Britain and the United States, see Ian Drummond, London, Washington, and the Management of the Franc, 1936–1939 (Princeton: Princeton University Press, 1979).
24. Blum, Morgenthau Diaries, pp. 457–459.
25. HAS [Siepmann], note on telephone call from Leith Ross (Treasury), 4 March 1937, BE OV45/11.
26. Cobbold memorandum: “Some views expressed by M. Jean Monnet this afternoon,” 8 July 1937, BE OV45/12.
27. Frankenstein, Le prix du réarmement français, pp. 74–83.
28. Drummond, London, Washington, and the Franc, pp. 45–46.
29. Lacour memorandum, 15 July 1938, BF B34.
30. N. E. Young, note on interview with Charles Rist, 23 May 1939, BE OV34/86.
31. See Frankenstein, Le prix du réarmement français, p. 101.
32. Gottfried Haberler, Prosperity and Depression: A Theoretical Analysis of Cyclical Movements (Geneva: League of Nations, 1939); Ragnar Nurkse, International Currency Experience: Lessons from the Inter-War Period (Geneva: League of Nations, 1944).
33. John Maynard Keynes, “National Self-Sufficiency,” in Collected Writings of John Maynard Keynes, vol. 21: Activities, 1931–1939 (London: Macmillan, 1982), p. 236; translated and published as “Nationale Selbstgenügsamkeit,” in Schmollers Jahrbuch (Munich: Duncker and Humblot, 1934), pp. 565–566. On the German translation, see Knut Borchardt, “Keynes’ Nationale Selbstgenügsamkeit von 1933,” Zeitschrift für Wirtschafts- und Sozialwissenschaften 108 (1988): 271–284.
34. Arthur Salter, Recovery: The Second Effort (London: G. Bell, 1932).
35. André Gide, The Journals, trans. Justin O’Brien, vol. 4 (New York: Alfred A. Knopf, 1951).
36. Thomas Balogh, “The National Economy of Germany,” Economic Journal 48 (September 1938): 460–497; idem, The Dollar Crisis, Causes and Cures: A Report of the Fabian Society (Oxford: Blackwell, 1950); idem, “Welfare and Freer Trade—A Reply,” Economic Journal 61 (March 1951): 72–82; idem, Germany: An Experiment in “Planning” by the “Free” Price Mechanism (Oxford: Blackwell, 1951), pp. 58–72; idem, The Irrelevance of Conventional Economics (London: Weidenfeld and Nicolson, 1982), pp. 2–3. See also Harry G. Johnson, Economic Nationalism in Old and New States (Chicago: University of Chicago Press, 1967), pp. 131–132 (“The infiltration of ideas from Central Europe into the Anglo-Saxon tradition did a great deal to implant the habit of thinking in nationalist rather than cosmopolitan terms into the Western economic tradition and to establish the fictional concept of the nation as an economic entity endowed with consistent objectives and a consensus in favor of realizing them by national economic policy”).
1. Thomas Friedman, The Lexus and the Olive Tree: Understanding Globalization (New York: Farrar Straus, 1999), pp. 207–210.
2. Most prominently, Roger Bootle, The Death of Inflation: Surviving and Thriving in the Zero Era (London: Nicholas Brealey, 1996).
3. Marina v. N. Whitman, New World, New Rules: The Changing Role of the American Corporation (Boston: Harvard Business School Press, 1999), pp. 9, 209.
4. Quoted in “Malaysia Acts on Market Fall,” Financial Times, 4 September 1997.
5. For a discussion of this debate, see Branko Milanovic and M. Lundberg, “Globalization and Inequality: Are They Linked, and How?” World Bank, Washington, D.C., 2000; Vincent Mahler, David Jesuit, and Douglas Roscoe, “Exploring the Impact of Trade and Investment on Income Inequality,” Comparative Political Studies 32 (May 1999). A much more alarmist view is found in Adrian Wood, North-South Trade, Employment, and Inequality (Oxford: Oxford University Press, 1994).
6. Patrick Low, Trading Free: The GATT and U.S. Trade Policy (New York: Twentieth Century Fund Press, 1995), p. 247.
7. Douglas A. Irwin, Against the Tide: An Intellectual History of Free Trade (Princeton: Princeton University Press, 1996), p. 19.
8. New York Times, 31 August 1997, pp. A1, A6.
9. Dani Rodrik, Has Globalization Gone Too Far? (Washington, D.C.: Institute for International Economics, 1997).
10. Vito Tanzi and Ludger Schildknecht, “The Growth of Government and the Reform of the State in Industrial Countries,” IMF Working Paper 95/130, Washington, D.C., December 1995.
11. Centesimus Annus (1 May 1991), http://www.vatican.va/holy_father/john_paul_ii/encyclicals/documents/hf_jp_ii_enc_01051991_centesimus_annus_en.html, sec. 33.
12. Ibid., sec. 25.
13. Ibid., sec. 48.
14. As quoted by Chrystia Freeland, “Blood Sweat and Tears—For Others,” Financial Times, 9 December 1993.
15. George Soros, The Crisis of Global Capitalism: Open Society Endangered (New York: Public Affairs, 1998), p. 102.
16. Quoted in Philip Stephens, Politics and the Pound: The Conservatives’ Struggle with Sterling (London: Macmillan, 1996), p. 285.
17. Klaus Engelen, “Angst and Anger: Why Germans Hate the IMF and the World Bank,” International Economy, October 1988.
18. IMF Survey 26/15, 5 August 1997, pp. 233–236.
19. Financial Times, 31 July 1997.
20. Paul Volcker and Toyoo Gyohten, Changing Fortunes: The World’s Money and the Threat to American Leadership (New York: Times Books, 1992), p. 143.
21. Harold James, The German Slump: Politics and Economics, 1924–1936 (Oxford: Oxford University Press, 1986), p. 294, on the reduction of German short-term borrowing by 3 million RM in the year preceding the 1931 crisis; idem, International Monetary Cooperation since Bretton Woods (New York: Oxford University Press, 1996), p. 214, on the outflow of $29.6 billion in 1971; Joseph Stiglitz, “Must Financial Crises Be This Frequent and Painful?” in The Asian Financial Crisis: Causes, Contagion and Consequences, ed. Pierre-Richard Agénor, Marcus Miller, David Vines, and Axel Weber (Cambridge: Cambridge University Press, 1999), p. 390, on an outflow of $109 billion.
22. James Wolfensohn, quoted in The Guardian (London), 27 September 2000.