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John Kenneth Galbraith

Print publication date: 2017

Print ISBN-13: 9780691171661

Published to Princeton Scholarship Online: May 2018

DOI: 10.23943/princeton/9780691171661.001.0001

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The Ultimate Inflation

The Ultimate Inflation

(p.170) Chapter 12 The Ultimate Inflation

John Kenneth Galbraith

James K. Galbraith

Princeton University Press

This chapter examines the inflation that rocked a number of industrial nations after World War I. At the end of World War I, all of the principal belligerents had ditched the gold standard. No major country now allowed the free export of gold. It followed that none need now worry lest foreigners convert deposits or notes into gold to take out of the country. Accordingly, domestic policy was no longer restrained by the fear that gold would be lost. And since gold could not leave, its loss could not reduce bank reserves, bank deposits, or note circulation, all with further depressing effect on production, prices and employment. The chapter considers the experiences of France, Austria, and Germany with inflation.

Keywords:   inflation, World War I, gold standard, bank reserves, bank deposits, prices, employment, France, Austria, Germany

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