London Economic Conference
world conference of 1933

The London Monetary and Economic Conference of 1933, also known as the London Economic Conference, was a meeting of representatives of 66 nations from June 12 to July 27, 1933, at the Geological Museum in London. Its purpose was to win agreement on measures to fight the Great Depression, revive international trade, and stabilize currency exchange rates.
It collapsed after it was "torpedoed" by US President Franklin D. Roosevelt in early July when he denounced currency stabilization.
Background
When the Great Depression devastated the world economy from 1929 to 1932, it was generally assumed that the United States would serve as a hegemon, providing leadership for a program to bring about recovery. US President Herbert Hoover in 1931 called for a conference to decide how to reduce tariffs and also revive prices by reversing the deflation associated with the Depression. The agenda for the Conference was drafted by representatives of six major nations who met in Geneva in 1932. The agenda asserted that intergovernmental debts should be settled, as they represented a major obstacle on the road to recovery.
The Europeans believed that "the settlement should relieve the world" of the crushing debt burdens. However, most of these debts were owed to the US, which was reluctant to write them off. US Senator William Edgar Borah held that "the troubles of the world were really due to the War, and to the persistence of Europe in keeping great armaments, and to the mismanagement of money" and so he was not willing to postpone, reduce, or cancel the payment of debts "and have Europe go ahead with a programme which has practically sunk the world into its present economic condition."
Other events indicated that the US would not support the Conference agenda as outlined.
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This entry incorporates text from “London Economic Conference” on English Wikipedia. Contributors are listed in the page history. Text is available under the Creative Commons Attribution-ShareAlike 4.0 License. Selected authority identifiers and statements are retrieved from Wikidata under CC0; their references and qualifiers remain part of the verification path.