Gold, International Monetary Cooperation, and the Tripartite Agreement of 1936

doi:10.1017/9781009407540.014

12 - Gold, International Monetary Cooperation, and the Tripartite Agreement of 1936

Published online by Cambridge University Press: 14 December 2023

Edited by

Maurice Obstfeld and

Patricia Clavin: Affiliation:
University of Oxford
Giancarlo Corsetti: Affiliation:
University of Cambridge
Maurice Obstfeld: Affiliation:
Peterson Institute for International Economics, Washington DC
Adam Tooze: Affiliation:
Columbia University, New York

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Summary

The conventional narrative of the 1930s portrays international monetary cooperation as non-existent, disappearing with the collapse of the gold standard during the early years of the decade and reappearing only with World War II and Bretton Woods. I argue, in contrast, that the Western democracies – foremost Britain, France, and the United States – put an end to their monetary war and moved towards peace with the Tripartite Agreement of 1936, through which they agreed to consult on matters of mutual interest and work towards greater stability. To achieve these ends, they created reciprocal gold facilities that brought coherence to the international monetary system and enabled stabilizing exchange intervention. Exploring the operation of these facilities sheds light on the evolution of the international monetary system and the ability of technical cooperation to provide a foundation for broader collaboration.

Keywords

Gold International Monetary Corporation and the Tripartite Agreement of 1936

Type: Chapter
Information: Keynes's Economic Consequences of the Peace after 100 Years
Polemics and Policy
, pp. 300 - 324

DOI: https://doi.org/10.1017/9781009407540.014 [Opens in a new window]

Publisher: Cambridge University Press

Print publication year: 2024

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