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By Draxl P., Knesser M.

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D. in economics and had been a vice president of the AEA. Conant, Monetary Imperialism, and the Gold-Exchange Standard The leap into political imperialism by the United States in the late 1890s was accompanied by economic imperialism, and one key to economic imperialism was monetary imperialism. In brief, the developed Western countries by this time were on the gold standard, while most of the Third World nations were on the silver standard. For the past several decades, the value of silver in relation to gold had been steadily falling, due to (1) an increasing world supply of silver relative to gold, and (2) the subsequent shift of many Western nations from silver or bimetallism to gold, thereby lowering the world’s demand for silver as a monetary metal.

See Stephen Birmingham, Our Crowd: The Jewish Families of New York (New York: Pocket Books, 1977), app. ” In his 1899 presidential address, Yale President Arthur Twining Hadley also saw economists developing as society’s philosopher-kings. The most important application of economic knowledge, declared Hadley, was leadership in public life, becoming advisers and leaders of national policy. 38 Hadley perceptively saw the executive branch of the government as particularly amenable to access of position and influence to economic advisers and planners.

Despite all of Conant’s ministrations, Cuba’s currency remained unreformed. S. currency all circulated side by side, freely fluctuating in response to supply and demand. S. S. customs authorities in fees and revenues. Why then did Conant fail in Cuba? S. plans for seizing control of their currency. Conant’s repeated request in 1903 for a Cuban invitation for the CIE to visit the island met stern rejections from the Cuban government. S. military commander in Cuba, Leonard Wood, wanted to avoid giving the Cubans the impression that plans were afoot to reduce Cuba to colonial status.

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