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

  • Edited by Patricia Clavin, University of Oxford, Giancarlo Corsetti, University of Cambridge, Maurice Obstfeld, Peterson Institute for International Economics, Washington DC, Adam Tooze, Columbia University, New York
  • Book:
    Keynes's <i>Economic Consequences of the Peace</i> after 100 Years
    Published online:
    14 December 2023
    Print publication:
    25 January 2024, pp 300-324

  • 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.