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Notes

1 ssss1 (Barton, 2021) and IMF data, which can be accessed at: https://data.imf.org.

2 ssss1 (WTO, 2019).

3 ssss1 World Bank data. Figure is for 2019 and can be accessed at: https://data.worldbank.org.

4 ssss1 (Paulson Jr., 2020).

5 ssss1 (Sharma, 2019). Emphasis added.

6 ssss1 (Tooze, 2014, p. 33).

7 ssss1 (Ahamed, 2009, p. 135).

8 ssss1 (Steil, 2013, p. 34).

9 ssss1 (Steil, 2013, p. 55).

10 ssss1 (Steil, 2013, p. 28).

11 ssss1 (Steil, 2013, pp. 55–56). Quote attributed to Henry Morgenthau III.

12 ssss1 (Steil, 2018, p. 89).

13 ssss1 (Steil, 2013, p. 72).

14 ssss1 (Ahamed, 2009, p. 131).

15 ssss1 In 1933, Cornell professor of farm management George Warren, along with two colleagues, published a title Wholesale Prices for 213 Years: 1720–1923, in which they documented a strong correlation between trends in commodity prices and the global supply and demand for gold. One of their conclusions was that, if commodity prices fell because of a gold shortage, raising the price of gold (in other words, devaluing the currency against gold) would be a means of reversing falling prices. This argument was to become influential on the Roosevelt Administration as it battled deflation brought on by the Great Depression in the 1930s.

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