‘The Fetishes of So-Called International Bankers’: Central Bank Co-operation for the World Economic Conference, 1932–3

Abstract

With his sharp denunciation of the ‘old fetishes of so-called international bankers’ for fixed exchange rates on the gold-exchange standard, President Franklin D. Roosevelt allegedly consigned the World Economic and Monetary Conference to failure.1The conference had been convened in June 1933 to tackle the crippling levels of ‘beggar-thy-neighbour’ economic policies which were strangling the international economy during the Great Depression; its brief was so appealing and its concerns so broad, that sixty-five nations came to London that summer. But from the outset of conference preparations, which began in the autumn of 1932, the issue of central banking co-operation was to highlight many of the difficulties which plagued not only co-operative central bank efforts to revive the international economy but also dilemmas which faced central banks in their relations with their domestic governments.