Clicca qui per scaricare

A. C. Pigou and the ‘Real Purpose’ of the 1924-25 Committee on the Currency and Bank of England Note Issues
Titolo Rivista: HISTORY OF ECONOMIC THOUGHT AND POLICY 
Autori/Curatori: Rogéro Arthmar, Michael McLure 
Anno di pubblicazione:  2016 Fascicolo: Lingua: Inglese 
Numero pagine:  15 P. 5-19 Dimensione file:  237 KB
DOI:  10.3280/SPE2016-001001
Il DOI è il codice a barre della proprietà intellettuale: per saperne di più:  clicca qui   qui 


Brian Reddaway has argued that the title for the Committee on the Currency and Bank Notes served as a smokescreen to hide its real purpose of advising the government on Britain’s return to gold. When A. C. Pigou was invited by Sir Otto Niemeyer to serve on that Committee, there was no mention of gold. Only the title of the Committee was mentioned in the letter. The objective of this study is to establish whether Pigou appreciated the real purpose of the Committee or whether he was misled by the title of the Committee that he was invited to serve on.


Keywords: Bank Notes, Currency Notes, Gold Standard, Pigou
Jel Code: B13, E52

  1. ACP 4 F3, Marshall Library Archive, Papers of Arthur Cecil Pigou. Currency and Bank Notes Act (1914).
  2. ACP 4 F9, Marshall Library Archive, Papers of Arthur Cecil Pigou. Currency Notes and the Currency Note Redemption Account.
  3. ACP 4 F20, Marshall Library Archive, Papers of Arthur Cecil Pigou. Notes taken by Treasury Reporters on the Meetings of the Committee on the Currency and Bank of England Note Issues: Testimony of Sir W.H.N Goschen, 4 July 1924.
  4. ACP 4 F22, Marshall Library Archive, Papers of Arthur Cecil Pigou. Notes taken by Treasury Reporters on the Meetings of the Committee on the Currency and Bank of England Note Issues: Testimony of Dr Walter Leaf, 4 July 1924.
  5. ACP 4 F25, Marshall Library Archive, Papers of Arthur Cecil Pigou: Notes taken by Treasury Reporters on the Meetings of the Committee on the Currency and Bank of England Note Issues: Testimony of Mr Reginald McKenna, 10 July 1924.
  6. ACP 4 F28, Marshall Library Archive, Papers of Arthur Cecil Pigou: Notes taken by Treasury Reporters on the Meetings of the Committee on the Currency and Bank of England Note Issues: Testimony of Mr F. C. Goodenough, 11 July 1924.
  7. ACP 4 F32, Marshall Library Archive, Papers of Arthur Cecil Pigou: Notes taken by Treasury Reporters on the Meetings of the Committee on the Currency and Bank of England Note Issues: Testimony of Messes Mr Hugh Chisholm and Mr Glenday, 11 July 1924.
  8. G1/433, Bank of England Archive, Governor’s file: Committee on the Currency and Bank of England Note Issues – Miscellaneous Papers, 21 May 1924- 28 April 1925.
  9. T160/197, National Archives (United Kingdom). Proceedings of Chamberlain-Bradbury Committee on Gold Standard and amalgamation of Treasury Note Issue with Bank of England Issue; evidence. Currency and Bank Notes. 1914. A Bill to Authorise the Issue of Currency Notes, and to Make Provision with Respect to the Note Issue of Banks, House of Commons Parliamentary Papers, Bills, Session 1914, Vol. 361.
  10. Currency and Bank Notes. 1925. Report of the Committee on the Currency and Bank of England Note Issues, House of Commons Parliamentary Papers, Reports of Commissioners, Session 1924-1925, Vol. IX.435, Paper No. Cmd 2393.
  11. Currency and Foreign Exchanges. 1918. First Interim Report of the Committee on Currency and Foreign Exchanges after the War, House of Commons Parliamentary Papers, Reports of Commissioners, Session 1918, Paper No. Cd. 9182.
  12. Financial Statement. 1925. Commons Sitting of Tuesday, 28th April, 1925, House of Commons Hansard, Fifth Series, Session 1924-25, Vol. 183, cc. 49-142.
  13. Gold and Silver (Export Control, &c.). 1920. A Bill to Control the Exportation of Gold and Silver Coin and Bullion, and to Prohibit the Melting or Improper Use of Gold and Silver Coin. House of Commons Parliamentary Papers, Bills, Session 1920, Paper No. 226.
  14. Gold Standard. 1925. A Bill to Facilitate the Return to a Gold Standard and for Purposes Connected Therewith. House of Commons Parliamentary Papers, Bills, Session 1924-1925, Paper No. 163. Arthmar R. and M. McLure (2015). On Britain’s Return to the Gold Standard: was there a Pigou-McKenna School?, Economic Record, 11 December 2015,, DOI: 10.1111/1475-4932.12240,http://onlinelibrary.wiley.com/doi/10.1111/1475-4932.12240/abstract
  15. Aslanbeigui N. and G. Oakes (2013). Pigou and the Return to Gold, 19-18-1925, Mini-Conference on A.C. Pigou, Robinson College, University of Cambridge, UK, 29 November 2013.
  16. Burk K. (1982). The Treasury: from Impotence to Power, in Burk (ed.)(1982): 84-107.
  17. Burk K. (ed.)(1982). War and the State. The Transformation of the British Government, London: George Allen and Unwin.
  18. Dawes Committee Report (1924). World Peace Foundation Pamphlets 7(5): 364-85, extract reprinted in A. Kaes, M. Jay and E. Dimendberg (eds.), 1994. The Weimar Republic Sourcebook, University of California Press: 64-7.
  19. Dimsdale N.H. (1981). British Monetary Policy and the Exchange Rate 1920-1938’, Oxford Economic Papers, 33 (July): 306-49.
  20. Eichengreen B. (1992). Golden Fetters: The Gold Standard and the Great Depression, 1919-1939, Oxford: Oxford University Press.
  21. Fleck D. (2013). Dawes Plan (1924) and Young Plan (1930), Max Planck Encyclopedia of Public International Law, through Oxford Public International Law, accessed 17/03/2013,http://opil.ouplaw.com/view/10.1093/law:epil/9780199231690/law-9780199231690-e281?rskey=1Ty9CK&result=2&prd=OPIL
  22. Grigg P.J. (1948). Prejudice and Judgement, London: Jonathan Cape.
  23. McLure M. (2014). A. C. Pigou’s Membership of the ‘Chamberlain-Bradbury’ Committee, Part II: ‘Transitional’ and ‘Ongoing’ Issues, Economics UWA Business School: Discussion Paper 14.05, Perth: University of Western Australia.
  24. Milgate M. (1983). Keynes and Pigou on the Gold Standard and Monetary Theory. Contributions to Political Economy, 2 (1): 39–48.
  25. Moggridge D.E. (1972). British Monetary Policy 1924-1931: The Norman Conquest of $4.86, Cambridge: Cambridge University Press.
  26. Osmańczyk E.J. (1985). The Dawes Plan, Encyclopedia of the United Nations and International Agreements, London: Routledge: 509.
  27. Peden G.C. (2000). The Treasury and British Public Policy 1906-1959, Oxford: Oxford University Press.
  28. Pigou A.C. (1927). Industrial Fluctuations, London: Palgrave Macmillan.
  29. Pigou A.C. (1947). Aspects of British Economic History 1918-1925, London: Macmillan.
  30. Reddaway B. (1970). Was $4.86 Inevitable in 1925?, Lloyds Bank Review, 96: 15-28.
  31. Sayers R.S. (1976). The Bank of England, 1891-1944, Vols. 1 and 3, Cambridge: Cambridge University Press.
  32. Takami N. (2011). Pigou on Business Cycles and Unemployment: an Anti-Gold-Standard View, European Journal of the History of Economic Thought, 18(2): 203-15



  1. Rogério Arthmar, Michael McLure, Pigou on War Finance and Welfare in History of Economics Review /2017 pp. 2, DOI: 10.1080/10370196.2016.1270159

Rogéro Arthmar, Michael McLure, in "HISTORY OF ECONOMIC THOUGHT AND POLICY" 1/2016, pp. 5-19, DOI:10.3280/SPE2016-001001

   

FrancoAngeli è membro della Publishers International Linking Association associazione indipendente e no profit per facilitare l'accesso degli studiosi ai contenuti digitali nelle pubblicazioni professionali e scientifiche