Sterling in Decline

1. Front Matter

   Pages i-xxxviii

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2. Introduction

   • Sir Alec Cairncross, Barry Eichengreen

   Pages 1-9

3. Britain’s Exchange and Trade Relations

   • Sir Alec Cairncross, Barry Eichengreen

   Pages 10-26

4. The 1931 Devaluation of Sterling

   • Sir Alec Cairncross, Barry Eichengreen

   Pages 27-110

5. The 1949 Devaluation of Sterling

   • Sir Alec Cairncross, Barry Eichengreen

   Pages 111-155

6. The 1967 Devaluation of Sterling

   • Sir Alec Cairncross, Barry Eichengreen

   Pages 156-217

7. Concluding Reflections

   • Sir Alec Cairncross, Barry Eichengreen

   Pages 218-231

8. Back Matter

   Pages 232-262

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Sterling in Decline takes the devaluations of 1931, 1949 and 1967 as a metaphor for Britain's changing position in the world economy. It traces the decline of the pound sterling from the world's pre-eminent currency, together with the dollar's rise to prominence. It also challenges the conventional wisdom regarding the implications of events in foreign exchange markets, and of British foreign economic policy generally, for the macroeconomic performance of the British economy. This second edition features a new introduction that frames the analysis in light of subsequent contributions and brings the story up to date. It draws out the implications of sterling's troubled 20th century history for the country's decision of whether to adopt the euro.

• economic policy
• economy
• evaluation
• macroeconomics
• performance
• trade

• St Peter’s College, Oxford, UK

  Sir Alec Cairncross

• University of California, Berkeley, United States

  Barry Eichengreen

SIR ALEC CAIRNCROSS was Master of St. Peter's College, Oxford and held a variety of high positions in postwar Labour Governments.

BARRY EICHENGREEN is George C. Pardee and Helen N. Pardee Professor of Economics and Political Science at the University of California, Berkeley, Research Associate of the National Bureau of Economic Research, and Research Fellow of the Centre for Economic Policy Research.

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