This paper examines some popular explanations for the smooth operation of the pre-1914 gold standard. We find that the rapid adjustment of economies to underlyi

This paper examines some popular explanations for the smooth operation of the pre-1914 gold standard. We find that the rapid adjustment of economies to underlyi

Since the first edition, published in 1985, much new research has been completed. This updated version includes five new essays, including a new introduction by