Advertisement

Shaping Monetary Constitutions for Developing Countries: Some Archival Evidence on the Bloomfield Missions to South Korea (1949–50)

  • Michele Alacevich
  • Pier Francesco Asso
Chapter
Part of the Archival Insights into the Evolution of Economics book series (AIEE)

Abstract

American economists have a long tradition of being ‘economists in public service.’ If we take a cursory look at the presidential addresses to the American Economic Association for the first three decades of the twentieth century (see Appendix 8.2), such subjects as the role of economists as policy advisers and public educators, or as influential consultants for foreign governments, public institutions and think-tanks were often given prominent consideration. A recent monograph (Bernstein, 2001) has provided a comprehensive overview of the strong relationship between ‘Economists and public purpose in twentieth-century America’, inspiring a lively debate on its nature and on the part played by some of its protagonists (Backhouse et al., 2005).

Keywords

Monetary Policy Central Bank Federal Reserve Capital Inflow Monetary Authority 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

Preview

Unable to display preview. Download preview PDF.

Unable to display preview. Download preview PDF.

References

  1. Alacevich, M. and P.F. Asso, 2009, ‘Money Doctoring after World War II: Arthur I. Bloomfield and the Federal Reserve Missions to South Korea,’ History of Political Economy, 41(2) (Summer): 249–70.CrossRefGoogle Scholar
  2. Backhouse, R., B. Coats, J.B. Davis, H. Hagemann, and M.E. Sent, 2005, ‘Perspectives on Michael A. Bernstein’s A Perilous Progress: Economists and Public Purpose in Twentieth-Century America,’ European Journal of the History of Economic Thought, 12 (1): 127–46.CrossRefGoogle Scholar
  3. Bernstein, M.A., 2001, A Perilous Progress: Economists and Public Purpose in Twentieth-Century America, Princeton, NJ: Princeton University Press.Google Scholar
  4. Bloomfield, A.I., 1940, ‘The Significance of Outstanding Securities in the International Movement of Capital,’ Canadian Journal of Economics and Political Science, 6(4) (November): 495–524.CrossRefGoogle Scholar
  5. Bloomfield, A.I., 1942–43, ‘The Mechanism of Adjustment of the American Balance of Payments: 1919–1929,’ Quarterly Journal of Economics, LVII(3) (May): 333–77.CrossRefGoogle Scholar
  6. Bloomfield, A.I., 1944, ‘Operations of the American Exchange Stabilization Fund,’ Review of Economic Statistics, 26(2) (May): 69–87.CrossRefGoogle Scholar
  7. Bloomfield, A.I., 1946, ‘Post-war Control of International Capital Movements,’ American Economic Review, XXXVI(2) Supplement (May): 687–709.Google Scholar
  8. Bloomfield, A.I., 1950, Capital Imports and the American Balance of Payments, 1934–1939, Chicago: University of Chicago Press.Google Scholar
  9. Bloomfield, A.I., 1954a, ‘Speculative and Flight Movements of Capital in Post-war International Finance,’ Princeton Studies in International Finance, No. 3, Princeton University.Google Scholar
  10. Bloomfield, A.I., 1954b, ‘Three Studies on United States Foreign Economic Relations,’ Review of Economics and Statistics, 36 (February): 109–12.CrossRefGoogle Scholar
  11. Bloomfield, A.I., 1957, ‘Some Problems of Central Banking in Underdeveloped Countries,’ Journal of Finance, 12 (2): 190–204.CrossRefGoogle Scholar
  12. Bloomfield, A.I., 1959, ‘Monetary Policy under the International Gold Standard: 1880– 1914,’ New York, Federal Reserve Bank of New York.Google Scholar
  13. Bloomfield, A.I., 1963, Short-term Capital Movements under the Pre-1914 Gold Standard, Princeton, NJ: Princeton University Press.Google Scholar
  14. Bloomfield, A.I., 1994, Essays in the History of International Economic Thought, Aldershot, UK and Brookfield, USA: Edward Elgar.Google Scholar
  15. Bloomfield, A.I. and J.P. Jensen, 1951, ‘Banking Reform in South Korea,’ New York, Federal Reserve Bank of New York.Google Scholar
  16. Choi, Y.B., 1997, ‘The Americanization of Economics in Korea,’ in A.W. Coats (ed.), The Post-1945 Internationalization of Economics, Annual Supplement to vol. 28, History of Political Economy, Durham and London: Duke University Press, pp. 97–122.Google Scholar
  17. Clarke, S.V.O., 1967, ‘Central Bank Cooperation: 1924–31,’ New York, Federal Reserve Bank of New York.Google Scholar
  18. Cleveland, H. van B., 1976, ‘The International Monetary System in the Interwar Period,’ in B.M. Rowland (ed.), Balance of Power or Hegemony: the Interwar Monetary System, New York: New York University Press.Google Scholar
  19. Cunliffe Report, 1918, First Interim Report of the Committee on Currency and Foreign Exchanges after the War, Cmnd 9182, London: HMSO.Google Scholar
  20. De Cecco, M., 1984, The International Gold Standard: Money and Empire, 2nd edn, New York: St Martin’s Press.Google Scholar
  21. Eichengreen, B., 1989[1994], ‘House Calls of the Money Doctor: the Kemmerer Missions to Latin America, 1917–1931,’ in Guillermo Calvo et al. (eds), Debt, Stabilization, and Development: Essays in Memory of Carlos Díaz-Alejandro, Oxford, Blackwell; reprinted in Paul W. Drake (ed.), 1994, Money Doctors, Foreign Debts, and Economic Reforms in Latin America from the 1980s to the Present, Wilmington, DE: Scholarly Resources, pp. 110–32.Google Scholar
  22. Eichengreen, B., 1992, Golden Fetters: the Gold Standard and the Great Depression, 1919–1939, New York and Oxford: Oxford University Press.Google Scholar
  23. Ethier, W.J. and R.C. Marston, 1985, ‘Introduction,’ in International Financial Markets and Capital Movements: a Symposium in Honour of Arthur I. Bloomfield, Princeton Essays in International Finance, N. 157: 1–6.Google Scholar
  24. Fisher, I., 1919, ‘Economists in Public Service,’ American Economic Review, Supplement, 9 (March): 5–21.Google Scholar
  25. Flanders, M.J., 1989, International Monetary Economics, 1870–1960: Between the Classical and the New Classical, Cambridge: Cambridge University Press.Google Scholar
  26. Guttentag, J. and R. Herring, 1985, ‘Funding Risk in the International Inter-bank Market,’ in International Financial Markets and Capital Movements: a Symposium in Honour of Arthur I. Bloomfield, Princeton Essays in International Finance, N. 157: 19–32.Google Scholar
  27. Helleiner, E., 2003, ‘The Southern Side of “Embedded Liberalism”: America’s Unorthodox Money Doctoring during the Early Post-1945 Years,’ in Marc Flandreau (ed.), Money Doctors: the Experience of International Financial Advising 1850–2000, London and New York: Routledge, pp. 249–75.Google Scholar
  28. Kemmerer, E., 1927, ‘Economic Advisory Work for Governments,’ American Economic Review, Supplement, 17 (March): 1–12.Google Scholar
  29. Lindert, P.H., 1969, Key Currencies and Gold, 1900–1913, Princeton Studies in International Finance, N. 24.Google Scholar
  30. Meltzer, A.H., 2003, A History of the Federal Reserve, vol. 1: 1913–1951, Chicago: University of Chicago Press.Google Scholar
  31. Nurkse, R., 1961, Equilibrium and Growth in the World Economy: Economic Essays by Ragnar Nurkse, ed. G. Haberler and R.M. Stern, Cambridge, MA: Harvard University Press.Google Scholar
  32. Park, J.H. (ed.), 2002, Monetary Policy in Korea, Seoul: Bank of Korea.Google Scholar
  33. Seidel, R.N., 1972, ‘American Reformers Abroad: the Kemmerer Missions in South America, 1923–1931,’ Journal of Economic History, 32(1): 520–45;CrossRefGoogle Scholar
  34. reprinted in Paul W. Drake (ed.), 1994, Money Doctors, Foreign Debts, and Economic Reforms in Latin America from the 1980s to the Present, Wilmington, DE: Scholarly Resources, pp. 86–109.Google Scholar
  35. Tamagna, F.M., 1952, ‘Review of Banking Reform in South Korea’, Journal of Political Economy, 60 (1): 86–7.CrossRefGoogle Scholar
  36. Triffin, R., 1946, ‘Monetary and Banking Reform in Paraguay,’ Washington, DC, Board of Governors of the Federal Reserve System.Google Scholar
  37. Triffin, R., 1964, The Evolution of the International Monetary System: Historical Reappraisal and Future Perspectives, Princeton Studies in International Finance, N. 12.Google Scholar
  38. Vining, R., 1939, ‘Suggestions of Keynes in the Writings of Veblen,’ Journal of Political Economy, 47(5) (October): 692–704.CrossRefGoogle Scholar

Copyright information

© Michele Alacevich and Pier Francesco Asso 2009

Authors and Affiliations

  • Michele Alacevich
  • Pier Francesco Asso

There are no affiliations available

Personalised recommendations