Sebastian Edwards is the Henry Ford II Professor of International Economics at the University of California, Los Angeles. His books include Toxic Aid: Economic Collapse and Recovery in Tanzania and Left Behind: Latin America and the False Promise of Populism. He lives in Los Angeles.
"[Sebastian Edwards] skillfully narrates a pivotal episode in
American political and economic history he considers too little
remembered. . . . Edwards writes equally knowledgeably about
economics and politics: . . . At a time of economic uncertainty at
home and abroad, this comprehensive study of an important event in
U.S. fiscal history has significant implications for today."
*Publishers Weekly*
"Sebastian Edwards' American Default is just such a superb history
of the US exit from gold in 1933-34, satisfyingly detailed and
highly accessible on both the relevant economics & law."---David
Frum
"Edwards analyses the default that followed President Franklin
Delano Roosevelt’s 1933 decision to devalue the dollar against
gold. . . . The story is fascinating and the lessons
eternal."---Martin Wolf, Financial Times
"[American Default] is the history of that mighty legal, moral,
political and monetary controversy, the effects of which are with
us still. . . . [Sebastian Edwards] knowledgably compares the
20th-century American default to Argentina’s 2002 abrogation of its
dollar denominated debt."---James Grant, Wall Street Journal
"Brilliantly told."---Steve Hanke, Forbes
"Edwards ends his admirably accessible and illuminating book with
some careful thoughts on recent financial crises around the world,
such as those in Argentina and Greece, and shows why US gold cases
from 1933 to 1935 are a useful precedent to understand how future
such crises may be successfully resolved by hewing carefully to the
rule of law. He believes that the cases may even be invoked by
lawyers in other national, or international, arenas. If so, those
involved will, no doubt, turn to this book for inspiration and
guidance."---Benn Steil, Financial World
"Excellent. . . . A fascinating narrative of FDR's decision to
devalue the dollar in 1933-34."---Scott Sumner, EconLog
"Edwards’ book is fascinating, well written and
enjoyable."---Geoffrey Wood, Central Banking
"Great book by UCLA economist Sebastian Edwards about a key moment
in American economic history. Many economists believe that the most
important thing FDR did to help the economy recover from the Great
Depression was to go off the gold standard. As part of that policy,
he pursued laws that rewrote many bond contracts, annulling gold
clauses. It was controversial then (and surely would be again if
such an issue were ever to arise). Edwards does a wonderful job
telling the story."---Greg Mankiw, Greg Mankiw's Blog
"Fascinating. . . . I couldn't put this book down."---Brenda Jubin,
Seeking Alpha
"A shimmering example of the benefits of historical distance can be
found in the UCLA economist Sebastián Edwards’ American Default, a
sharp-eyed exploration of a little-noted episode in US economic
history."---Ken Rogoff, Project Syndicate
"Sebastian Edwards has written a very important book on a
monumental episode in U.S. history, the great debt default of
1933-35, which was a true turning point in American political and
economic history. . . . I highly recommend American Default. It is
more than compelling history; it is a tract for our
times."---Gerald P. O'Driscoll Jr., Cato Journal
"A magnificent piece of scholarship."---Kenneth Rogoff, Project
Syndicate
"This easily accessible economic, political, and legal history
should be read by undergraduates, graduate students, and the
general public. Each audience will gain a new perspective on an
important though underappreciated episode in international
political economy."---Laura Phillips Sawyer, Journal of American
History
"Rarely does one read a book on a topic already researched
thoroughly and still feel as if one has walked away with a new
perspective."---James Caton, Independent Review
"Edwards’ clarity enables him to sustain the interest of the reader
in spite of the technical nature of his narrative."---Peter Fearon,
Journal of Transatlantic Studies
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