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- Charles P. Kindleberger (1)
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Articles 1 - 4 of 4
Full-Text Articles in Economics
The H.C. Carey School Of U.S. Currency Doctors: A "Subtle Principle" And Its Progeny, Stephen Meardon
The H.C. Carey School Of U.S. Currency Doctors: A "Subtle Principle" And Its Progeny, Stephen Meardon
Economics Department Working Paper Series
Henry C. Carey led a school of post-Civil War U.S. currency doctors prescribing an “elastic currency,” expanding and contracting according to commercial needs. The problem for the Careyites was reconciling elasticity, which implied inconvertibility with gold, with the related aim of decentralized financial power. Careyite currency doctors included, among others, Wallace P. Groom, editor of the New York Mercantile Journal, and Henry Carey Baird, Carey’s own nephew and inheritor of his mantle. Their prescribed reform of the banking system featured a financial innovation that would remove superfluous currency from circulation while supplying what was needed. The innovation was an …
The (Far) Backstory Of The U.S.-Colombia Free Trade Agreement, Stephen Meardon
The (Far) Backstory Of The U.S.-Colombia Free Trade Agreement, Stephen Meardon
Economics Department Working Paper Series
In two pairs of episodes, first in 1824 and 1846 and then in 1892 and 1935, similar U.S.-Colombia trade agreements or their enabling laws were embraced first by protectionists and then by free traders. The history of the episodes supports the view that although political institutions exist to curb de facto political power, such power may be wielded to undo the institutions’ intended effects. The doctrinal affinities and interests of political actors are more decisive determinants of the free-trade or protectionist orientation of trade agreements than the agreements’ texts or legal superstructures. The long delay from signing to passage of …
On Kindleberger And Hegemony: From Berlin To M.I.T. And Back, Stephen Meardon
On Kindleberger And Hegemony: From Berlin To M.I.T. And Back, Stephen Meardon
Economics Department Working Paper Series
The most notable idea of Charles P. Kindleberger’s later career is the value of a single country acting as stabilizer of an international economy prone to instability. It runs through his widely read books, The World in Depression, 1929-1939 (1973), Manias, Crises, and Panics (1978), A Financial History of Western Europe (1984), and kindred works. “Hegemonic stability,” the idea is called in the literature it inspired. This essay traces Kindleberger’s attachment to the idea back to his tenure as chief of the State Department’s Division of German and Austrian Economic Affairs from 1945 to 1947 and adviser to the …
The Free-Trade Doctrine And Commercial Diplomacy Of Condy Raguet, Stephen Meardon
The Free-Trade Doctrine And Commercial Diplomacy Of Condy Raguet, Stephen Meardon
Economics Department Working Paper Series
Condy Raguet (1784-1842) was the first Chargé d’Affaires from the United States to Brazil and a conspicuous author of political economy from the 1820s to the early 1840s. He contributed to the era’s free-trade doctrine as editor of influential periodicals, most notably The Banner of the Constitution. Before leading the free-trade cause, however, he was poised to negotiate a reciprocity treaty between the United States and Brazil, acting under the authority of Secretary of State and protectionist apostle Henry Clay. Raguet’s career and ideas provide a window into the uncertain relationship of reciprocity to the cause of free trade.