All that Glitters Is Not Laissez-Faire
Review of The Gold Standard at the Turn of the Twentieth Century: Rising Powers, Global Money, and the Age of Empire, by Steven Bryan (New York: Columbia University Press, 2010)
… Until the outbreak of the First World War in 1914, the combination of new technology with the "classically liberal" philosophy of laissez-faire and the "universal money" of the gold standard, created the conditions for a … silver become too heavy, and something that embodies more value in less volume is needed. This need is best …