Abstract
Commodity Reserve Currency (CRC for short) is a proposal for re-establishing an international monetary ‘standard’ – basing it upon a ‘basket’ of widely used commodities. Recent experience shows the inconvenience of lacking a standard. While restoration of a gold standard has many supporters, gold has become so remote from the goods-and-services economy that for decades now governments have had scope to play tricks with its price; and since the early 1970s, the value of gold has been highly unstable. Can there be a commodity standard other than gold, less abstract and linked to articles of everyday use? A good way to study this question is to examine the feasibility and desirability of CRC.
This is a preview of subscription content, log in via an institution.
Buying options
Tax calculation will be finalised at checkout
Purchases are for personal use only
Learn about institutional subscriptionsReferences
Bennett, M.K., et al. 1949. International commodity stockpiling as an economic stabilizer. Stanford: Stanford University Press.
Goudriaan, J. 1932. How to stop deflation. London: The Search Publishing Company.
Grubel, H.G. 1965. The case against international commodity reserve currency. Oxford Economic Papers 17(1): 130–135.
Hallwood, P. 1986. External economy arguments for commodity stockpiling: A review. Bulletin of Economic Research 38(1): 25–41.
Harmon, E. 1959. Commodity reserve currency. New York: Columbia University Press.
Hart, A.G., N. Kaldor, and J. Tinbergen. 1964. The case for an international Commodity Reserve Currency. Geneva: United Nations Conference on Trade and Development. 17 February 1964. E/CONF.46/p/7. Conveniently accessible in N. Kaldor, Essays on economic policy–II. London: Gerald Duckworth & Co., 1964.
Hayek, F.A. 1984. The future monetary unit of value. In Money in crisis, ed. N. Barry. Siegel: Pacific Institute for Policy Research.
Newbery, D.M.G., and J.E. Stiglitz. 1981. The theory of commodity price stabilization. Oxford: Clarendon.
Author information
Authors and Affiliations
Editor information
Copyright information
© 2018 Macmillan Publishers Ltd.
About this entry
Cite this entry
Hart, A.G. (2018). Commodity Reserve Currency. In: The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95189-5_515
Download citation
DOI: https://doi.org/10.1057/978-1-349-95189-5_515
Published:
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-95188-8
Online ISBN: 978-1-349-95189-5
eBook Packages: Economics and FinanceReference Module Humanities and Social SciencesReference Module Business, Economics and Social Sciences