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The London Monetary and Economic Conference of 1933: A Public Goods Analysis

Rodney J. Morrison
The American Journal of Economics and Sociology
Vol. 52, No. 3 (Jul., 1993), pp. 307-321
Stable URL: http://www.jstor.org/stable/3487153
Page Count: 15
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The London Monetary and Economic Conference of 1933: A Public Goods Analysis
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Abstract

Hegemony theorists attribute the duration and severity of the Great Depression to the fact that, in 1933, the United States refused to take the place of Great Britain as world economic leader. This argument is based on the proposition that a major power must coordinate the international monetary and trading systems if stability is to obtain in those sectors. This thesis is reappraised by applying the theories of public goods, clubs, and public choice to the London Monetary and Economic Conference of 1933, an occasion when the United States declined the role of world economic hegemon.

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