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History of Economic Analysis part 43

History of Economic Analysis part 43. At the time of his death in 1950, Joseph Schumpeter-one of the major figures in economics during the first half of the 20th century-was working on his monumental History of Economic Analysis. A complete history of humankind's theoretical efforts to understand economic phenomena from ancient Greece to the present, this book is an important contribution to the history of ideas as well as to economics. | History of economic analysis 382 5. GOLD The little that need be said for our purposes on the currency and banking policies of that period will be more conveniently reserved for the last chapter of this Part. In consequence there is only one point to make here. After the monetary disturbances the inflation incident to the Napoleonic Wars all countries struggled back to what was considered normalcy. This took many decades in such countries as Austria but was achieved promptly and with comparative ease in England and France. On the Continent normalcy meant silver or a bimetallic standard but England after having legalized the de facto gold standard established in the eighteenth century resumed gold redemption of Bank of England notes within a few years of Waterloo much as she returned to gold at prewar parity though in a somewhat different form after the First World War of our time. Moreover it was a perfectly free or automatic gold standard that allowed for no kind of management other than is implied in the regulatory power of any central bank that is a lender of last resort Our question is why The measure drew fire from many quarters even from some economists. Powerful agrarian interests attributed to it never mind now whether rightly or wrongly the depression that plagued them. There was enough unemployment to induce the government Castle-reagh 1821 to propose public works an almost Rooseveltian program as a remedy. Merchants do not relish losses nor bankers frozen assets and there were plenty of both. Also we shall see that many competent people advocated a managed paper currency. Nevertheless the gold-standard policy was never in real danger politically and if it was not until much later adopted by all industrialized countries this was not a matter of their choice in spite of all counterarguments the automatic gold standard remained almost everywhere the ideal to strive for and pray for in season and out of season. Again why At present we are taught to look upon