Presenting a fresh view of the motives behind various governments' decisions to remain on or defect from the gold standard in the early 20th century, this study specifically analyzes the influence of domestic politics on national responses to the international economy.

List of FiguresList of TablesAcknowledgmentsCh. 1Introduction3The Problem: Explaining International Economic Relations during the Interwar Years4The Argument of This Book11Toward an Explanation of the Policy Mix: Methodology and Organization13Findings18Ch. 2The Interwar Gold Standard20The Prewar and Interwar Gold Standards20The Norms of Gold Standard Adjustment31Explaining Policy Choice during the Interwar Years42Ch. 3The Determinants of External Imbalance52Politics, Credibility, and External Imbalance52Capital Movements64The Current Account84Ch. 4Devaluation106Descriptive Statistics: Currency Depreciation107On Gold or Off?112Explaining Currency Depreciation118Domestic Politics and Currency Depreciation: The Evidence125Cumulative Results138Ch. 5France, 1924-1927140The Real Economy145Cracks in Credibility149From a Crack to a Gulf, January 1925-July 1926156The Politics of Credibility164Ch. 6Tariff Protection174Descriptive Statistics of Tariff Protection175Explaining Tariff Levels178Changes in Tariff Policy191Cumulative Results214Ch. 7Deficits during Depression: Britain, Belgium, and France in the Thirties219Aggregate Introduction to the Cases and to the Policy Mix223The Case of Britain, 1929-1931226The Case of Belgium, 1934-1936241The Case of France, 1935-1937256Ch. 8Conclusions275The Argument276Major Findings278Implications for International Cooperation282Implications for International Political Economy283Parting Words286Appendix I. General Data Appendix289Appendix II. Central Bank Independence Data299Select Bibliography305Index319

Winner of the 1995 Woodrow Wilson Foundation Award "One of the best books I have read in years... Simmons develops a novel, domestic explanation for the policy failures of the interwar period ... [and] untangles the complicated web of the interwar international political economy. The book not only sets a new standard of research excellence, but it is required reading for all international political economists, as well as many comparativists and historians... Who Adjusts? will certainly become a classic analysis of interwar economic policy."--David A. Lake, American Political Science Review "[Simmons's] arguments and results hold considerable interest for economists and historians as well as political scientists."--Kenneth Moure, American Historical Review "This ambitious study makes an important contribution to systemic theories of international economics cooperation... Simmons's bold and lucid analysis is stimulating."--Patricia Clavin, Economic History Review