The Global Gold Market and the International Monetary System From the Late 19th Century to the Present : Actors, Networks, Power

Using an inter-disciplinary and global approach this book examines the different roles gold played in the international economy from the late 19th century until today. It gives a complete and comprehensive overview of the many facets of the global gold market's organization from the extraction of this precious metal to its consumption. An interdisciplinary and global approach to the different roles and impact of gold on society and the global economy from the late 19th century to the modern day. This book provides a historical analysis that integrates the different roles of gold monetary, commodity, banking, industrial and cultural with the multiple actors central banks, mining groups, refineries, bullion houses and major banks -- to provide an understanding of their particular interests and reciprocal influence on the global gold market from the late 19th century to the present day. Adopting an inter-disciplinary and global approach, it establishes an innovative and rich dialogue between different branches of the social sciences, including microeconomics, business history, sociology, political and economic history. Coverage of the book will include a comprehensive overview of the many facets of the global gold market's organization, from the extraction of this precious metal to its consumption. Special attention is given to some of the major international gold markets, such as London, Hong Kong, and Zurich, and to the national and global regulations regarding the gold trade. The book studies both the legal and illegal circuits of gold, as well as their interrelation. Together, the contributions show the complex networks and actors involved in different phases of this commodity chain, from the main gold producers, such as South Africa; to the major European financial markets; and then to the traditional Arab and Asiatic hoarding centres. This collection of essays, most of which utilise new archival resources, will be of great interest to students and researchers examining the role of this key element in monetary, financial, political and social history Front Matter....Pages i-xv Introduction: Towards a Global History of Gold....Pages 1-16 The Global Gold Market and the International Monetary System....Pages 17-38 Gold in Latin America: What the Gold Standard Meant in Brazil and Mexico at the Beginning of the 20th Century....Pages 39-63 The Bank of England as the World Gold Market Maker during the Classical Gold Standard Era, 1889–1910....Pages 64-87 Gold Refining in London: The End of the Rainbow, 1919–22....Pages 88-108 South African Gold at the Heart of the Competition between the Zurich and London Gold Markets at a Time of Global Regulation, 1945–68....Pages 109-138 The Hong Kong Gold Market during the 1960s: Local and Global Effects....Pages 139-158 Gold as a Diplomatic Tool: How the Threat of Gold Purchases Worked as Leverage in International Monetary Relations, 1960–68....Pages 159-180 Market Status/Status Markets: The London Gold Fixing in the Bretton Woods Era....Pages 181-198 Back Matter....Pages 199-205