the only way a round of currency devaluation could have taken place, therefore, was if Britain had stabilized in 1925 at a lower level. But had her dominance of the international economy not eroded over the first quarter of the twentieth century, the political pressure on Britain to return to gold at the prewar parity would have increased rather than being reduced. It seems unlikely, therefore, that a more successful maintenance of British hegemony, ceteris paribus, would have alleviated any goldshortage
the only way a round of currency devaluation could have taken place, therefore, was if Britain had stabilized in 1925 at a lower level. But had her dominance of the international economy not eroded over the first quarter of the twentieth century, the political pressure on Britain to return to gold at the prewar parity would have increased rather than being reduced. It seems unlikely, therefore, that a more successful maintenance of British hegemony, ceteris paribus, would have alleviated any goldshortage
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