Date of Award
Master of Arts (MA)
Dr. William R. Petrowski
From the end of World War I through 1932, the United Kingdom, in spite of its economic depression, remained the primary source of capital for the world. Following the war, however, the United States replaced the United Kingdom as the major source of foreign capital in Europe. American post-war loans, combined with the effects of the war, brought monetary and economic instability to Europe. Consequently, throughout the 1920s, and early 1930s the central banking esablishment and a relatively small number of diplomats, businessmen, and economists made an effort, through the League of Nations, to attempt to achieve monetary internationalism as the basis of European economic stability and political unity. These adherents of monetary internationalism were deeply interested in achieving world economic recovery and opposed the rising tide of protectionism and monetary nationalism which they believed was tending to strifle international finance and trade. The internationalists sought to stem these tendencies because they threatened to replace the traditional laissez faire economic order with that of government control of monetary and financial affairs.
Shook, Dale N., "Monetary internationalism, the war debts and Anglo-American preparatory negotiations for the 1933 London economic conference" (1970). Student Work. 986.
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