Anglo-american Monetary Cooperation From 1924 To 1928

Monetary system is a most important part of modern economic system,it is closely connected with world economy and politic.International monetary cooperation has a long history,there are international monetary cooperation cases as early as industrial revolution age.World war one had changed world financial structure greatly,every state which was involved in the war follow a tighten monetary strategy and stop free exchange of gold.World gold standard collapsed because gold could not be freely exchanged and governments inflated the paper currency.After the war,Great Britain and the United States cooperated a lot in monetary area for the purpose of reconstructing international monetary system,and this kind of cooperation was an important part of interwar Anglo-American relationship.During 1924-1928 is a peak-hour of interwar Anglo-American monetary cooperation,and to some degree,dominated the direction of interwar monetary system.For Britain,1920s is a decade of lost,business slacked,unemployment worsened,and sterling lost its status in world economy gradually.For America,1920s is a decade of dream,strong dollar,European creditor,and New York became world financial center as London.For this reason,international monetary system had been twisted under the force of British fame and American power.And that kind of twisting was the primary reason of interwar monetary system broke up.So,if we need to understand interwar international relationship,we must understand international economic dilemma in 1920s,and if we need to understand international economic dilemma in 1920s,we must interwar Anglo-American monetary cooperation,especially period during 1924-1928.Studying in the history of interwar Anglo-American monetary cooperation could not only expand our research of international relations,but also enlighten monetary cooperation today.This thesis consists of three major parts:introduction,main body,and conclusion.The main body is divided into four chapter.Chapter 1 discussed the background of interwar Anglo-American monetary cooperation.Chapter 2 and chapter 3 is the central part of this thesis,which discussed Anglo-American monetary cooperation during 1924-1928.And according to time line,the cooperation could be divided in two periods,period one is the period of system reconstructing,period two is the period of system maintaining.German mark crisis,sterling rebuild pre-war parity,Belgium crisis,and France squeeze crisis formed main content of Anglo-American monetary cooperation during 1924-1928.Chapter 4 appraised Anglo-American monetary cooperation during 1924-1928,and as history happens,the appraisal should be dialectic,both positive appraisal and negative appraisal were contained.In many ways,Anglo-American monetary cooperation during 1924-1928 reflected typical characteristic of international system transition period.Postwar international financial chaos contributed to the chaos of postwar international monetary system chaos,and no state could end this chaos by itself,so,cooperation became a common option of two countries.Postwar gold standard finally constructed by common efforts of Britain and American during 1924-1928,but collapsed before long.The failure of cooperation at least prove that hegemonic stability theory could make sense in monetary area.And the failure of cooperation also make Keynes figure out that not only gold but also sovereign currency cannot be world currency.To achieve the aim of stabilizing international monetary system,there should be an international organization by which issue the world currency,and this theory was extended to his famous "banker" theory after World War ?.In a word,interwar Anglo-American monetary cooperation forms a connecting link between the preceding and the following in history of monetary cooperation,and this issue deserves discussions of every historian and IR scholar.