Abstract
Michael D. Bordo of Rutgers University and NBER reviews “When Washington Shut Down Wall Street: The Great Financial Crisis of 1914 and the Origins of America’s Monetary Supremacy” by William L. Silber,. The EconLit Abstract of the reviewed work begins “Traces Treasury Secretary William Gibbs McAdoo’s triumph over a monetary crisis at the outbreak of World War I that threatened the United States with financial disaster. Explores how McAdoo responded to the twin threats of external gold drain to Europe and the internal drain of currency from banks that were triggered by the outbreak of war. Silber is Marcus Nadler Professor of Finance and Economics at the Stern School of Business, New York University. Index.”
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