The preceding three chapters describe the working of the international financial system between the end of the Victorian Age and the outbreak of the Second World War. The story contains several elements — international capital movements, changing trading and tariff patterns, war-debts and reparations, waves of optimism, pessimism, and speculative panic, and politics both high and low. It centres on the means by which exchange rates were kept stable, and on the circumstances which ensured that they would sometimes be generally unstable or, at least, that their stability would be uncertain and insecure. The record divides itself naturally into three parts, each treated in a single chapter.
Unable to display preview. Download preview PDF.