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Gold Resumption and the Deflation of the 1870's

HANDBOOK OF MAJOR EVENTS IN ECONOMIC HISTORY, R. Whaples Jr., R. Parker, Eds., Forthcoming

18 Pages Posted: 29 Mar 2012  

Richard C. K. Burdekin

Claremont McKenna College - Robert Day School of Economics and Finance

Pierre L. Siklos

Wilfrid Laurier University - School of Business & Economics

Date Written: July 1, 2011

Abstract

The deflation experienced by the United States after the Civil War is notable not only for its long duration but also the controversy attached to the decision to resume specie payments only in gold, thereby abandoning the pre-war bimetallic system that had allowed for free coinage into both gold and silver.Much academic research supports the view that the deflation could indeed have been mitigated, or even avoided altogether, if the 1879 resumption had not been preceded by the so-called "Crime of 1873" that demonetized silver.

Suggested Citation

Burdekin, Richard C. K. and Siklos, Pierre L., Gold Resumption and the Deflation of the 1870's (July 1, 2011). HANDBOOK OF MAJOR EVENTS IN ECONOMIC HISTORY, R. Whaples Jr., R. Parker, Eds., Forthcoming. Available at SSRN: https://ssrn.com/abstract=2030878

Richard C. K. Burdekin

Claremont McKenna College - Robert Day School of Economics and Finance ( email )

500 E. Ninth Street
Claremont, CA 91711
United States

Pierre L. Siklos (Contact Author)

Wilfrid Laurier University - School of Business & Economics ( email )

Department of Economics
75 University Avenue W.
Waterloo, Ontario N2L 3C5
Canada
519-884-0710 Ext. 2559 (Phone)
519-888-1015 (Fax)

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