, who both warned that restoring the gold standard would cause catastrophic deflation unless monetary demand for gold was … attempt to restore an international gold standard after World War I and did not originate, as Friedman believed, in the United …

attempt to restore the gold standard after World War I and increasing demand for gold following the sequential resumption of …

of the twentieth century. He identifies the undervaluation and consequent shortage of world gold reserves after World War … I as the underlying cause of a sustained international price deflation that brought the Great Depression. And, he argues …, the reserve-hoarding policies of central banks-particularly the Bank of France-were its proximate cause.The book presents …