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L'expertise De James Laurence Laughlin Au Service De L'unification Monétaire Et Bancaire Américaine, 1870-1913

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L'expertise De James Laurence Laughlin Au Service De L'unification Monétaire Et Bancaire Américaine, 1870-1913 L’expertise de James Laurence Laughlin au service de l’unification monétaire et bancaire américaine, 1870- 1913. : de la défense de l’étalon-or à la conception du Federal Reserve Act (1913) Constance André-Aigret To cite this version: Constance André-Aigret. L’expertise de James Laurence Laughlin au service de l’unification monétaire et bancaire américaine, 1870- 1913. : de la défense de l’étalon-or à la conception du Federal Reserve Act (1913). Economies et finances. Université de Lyon, 2019. Français. NNT : 2019LYSE2024. tel-02305426 HAL Id: tel-02305426 https://tel.archives-ouvertes.fr/tel-02305426 Submitted on 4 Oct 2019 HAL is a multi-disciplinary open access L’archive ouverte pluridisciplinaire HAL, est archive for the deposit and dissemination of sci- destinée au dépôt et à la diffusion de documents entific research documents, whether they are pub- scientifiques de niveau recherche, publiés ou non, lished or not. The documents may come from émanant des établissements d’enseignement et de teaching and research institutions in France or recherche français ou étrangers, des laboratoires abroad, or from public or private research centers. publics ou privés. N° d’ordre NNT : 2019LYSE2024 THESE de DOCTORAT DE L’UNIVERSITÉ DE LYON Opérée au sein de L’UNIVERSITÉ LUMIÈRE LYON 2 École Doctorale : ED 486 Sciences Économique et de Gestion Discipline : Sciences économiques Soutenue publiquement le 13 mai 2019, par : Constance ANDRE-AIGRET L'expertise de James Laurence Laughlin au service de l'unification monétaire et bancaire américaine, 1870-1913. De la défense de l’étalon-or à la conception du Federal Reserve Act (1913). Devant le jury composé de : Laurent LE MAUX, Professeur des universités, Université de Bretagne occidentale, Président Annie COT, Professeure des universités, Université Paris 1, Rapporteure Muriel DAL-PONT LEGRAND, Professeure des universités, Université de Nice, Rapporteure Rebeca GOMEZ BETANCOURT, Professeure des universités, Université Lumière Lyon 2, Co-Directrice de thèse Robert DIMAND, Professeur d’université, Brock University,Co- Directeur de thèse Contrat de diffusion Ce document est diffusé sous le contrat Creative Commons « Paternité – pas d’utilisation commerciale - pas de modification » : vous êtes libre de le reproduire, de le distribuer et de le communiquer au public à condition d’en mentionner le nom de l’auteur et de ne pas le modifier, le transformer, l’adapter ni l’utiliser à des fins commerciales. 2 L’université Lumière Lyon 2 n’entend donner aucune approbation ni improbation aux opinions émises dans les thèses : celles-ci doivent être considérées comme propres à leurs auteurs 3 4 À Lorraine et Baptiste 5 6 Remerciements Tout d’abord mes remerciements s’adressent à Rebeca Gomez-Betancourt et Robert Dimand, mes deux directeurs de thèse, pour leur encadrement lors de ces cinq années. Vos conseils, relectures et nombreux encouragements m’ont permis de mener à bien ce travail. Je tiens également à remercier les membres du Center for the History of Political Economy de l’université de Duke pour leur accueil et nos discussions pendant mon séjour en fin d’année 2016. Merci à Annie Cot et Muriel Dal Pont Legrand pour avoir participé à ma présoutenance en juin 2018 et d’avoir relu mon travail pour l’évaluer une seconde fois. Merci également à Laurent Le Maux d’avoir accepté de faire partie du jury et pour sa présence à mon comité de suivi individuel. Je remercie sincèrement Jérôme Blanc, Nicolas Barbaroux, Lucy Brillant, Jordan Biets, Joachim De Paoli, Adrien Lutz, Nicolas Laurence et Thibault Guicherd pour les relectures des chapitres de cette thèse. En venant travailler au sein du laboratoire Triangle, j’ai rencontré une équipe sur laquelle j’ai pu compter en toutes circonstances. Je pense notamment à Pascal Allais, Marie Lucchi et Carole Boulai. Merci également à Benjamin Dubrion d’avoir participé à mes comités de suivi individuel. J’ai également pu compter sur la bienveillance et les commentaires constructifs de Claire Silvant, Marion Gaspard, Judith Favereau, Franck Bessis et Michaël Assous. J’ai énormément appris à vos côtés, tant professionnellement qu’humainement. Merci également à Damien Sauze, Sylvain Vatan et Valérie Revest. J’ai surtout rencontré pendant ces cinq années des doctorant.e.s ou jeunes docteur.e.s, auprès de qui j’ai toujours trouvé un soutien considérable et avec qui j’ai pu partager les bons comme les mauvais moments de la vie de thésarde. Un grand merci à celles et ceux qui ont partagé mon bureau, que ce soit pour des années ou six mois : Sylvère et Nathalie pour vos précieux conseils et votre bonne humeur. Jordan, Tristan et Thibault pour votre humour qui a été salvateur, vos 7 encouragements et surtout pour avoir été des compagnons fidèles de soirées. Nicolas et Julie pour votre écoute et gentillesse quotidienne qui ont grandement allégé la pression inhérente à la fin de thèse. Merci également à Hamza, Alban, Joachim, Samuel, Oriane, Émilie, Dorian, Pierre, Loipa et Alexandre et Pierre Leviaux. Un grand merci à Adrien Lutz, nos discussions fréquentes m’ont permis de ne pas dévier de mon objectif final et surtout de le relativiser. Enfin, sur un plan plus personnel je tiens à remercier ma famille et ma belle- famille. Votre foi en moi et en mes capacités m’a toujours aidée à rester motivée malgré les découragements. Votre soutien a fortement contribué à la réussite de cette thèse. Et merci pour les nombreux repas de famille où, en plus d’y trouver de la bonne humeur et du réconfort, j’ai pu aiguiser mon goût pour le vin. Un grand merci à Michel et Natacha pour votre aide pour les traductions. J’ai également une pensée chaleureuse pour Anne. Merci à Loïc, Marine, Caroline, Angelica, Marco, Bertille, Micka, Julie et Kévin. Les soirées passées avec vous m’ont permis de décompresser comme il se doit. Un mot pour Valentine. Alors que les choses entre nous avaient mal débuté, ton amitié et ton soutien sans faille m’ont été plus que précieux dans cette aventure. Ta détermination et ta force ont été une source d’inspiration et de motivation inestimable. Merci pour tout ce que tu m’as apporté et tout ce que tu continues de m’apporter. Last but not least, ce travail doit énormément à l’homme qui partage ma vie depuis 11 ans, Thomas. Ta présence constante malgré la distance, ta gentillesse, ton humour, ton écoute, ta patience, mais surtout ton amour m’ont permis de trouver l’énergie nécessaire à l’aboutissement de cette thèse, et je t’en suis extrêmement reconnaissante. En espérant que la suite de nos aventures soit tout aussi intense, mais tout de même moins éprouvante que celle-ci… 8 Résumé : Ce travail de thèse est consacré à l’étude de la participation de James Laurence Laughlin (1850-19133) à l’unification monétaire et bancaire américaine de 1870 à 1913. L’histoire des débats monétaires et bancaires américains de la fin du dix-neuvième et du début du vingtième siècle n’accorde pas une place importante à cet auteur pourtant incontournable. Laughlin devient un économiste académique réputé en tant que premier Head Professor à l’université de Chicago et en fondant le Journal of Political Economy en 1892. Il s’affirme comme expert économique grâce à son expérience de money doctoring à Saint- Domingue en 1894 puis sa participation à la commission monétaire d’Indianapolis en 1897-98. Le rapport final de cette commission rédigé par Laughlin est utilisé pour l’écriture du Gold Standard Act voté en 1900 qui institue légalement un système d’étalon- or aux États-Unis. Par la suite, il prend part à la conception du Federal Reserve Act de 1913, aux côtés de son ancien étudiant Henry Parker Willis. La théorie monétaire de Laughlin se veut être une critique de la théorie quantitative de la monnaie et une défense de la mise en place d’un système d’étalon-or. Pour ce faire, il mobilise des éléments issus de la théorie des auteurs de la Banking School anglaise. Il explique alors la formation des prix par des déterminants non monétaires et inclut le crédit et la spéculation à sa théorie en distinguant un crédit « normal » et un crédit « anormal ». Mots clés : J. L. Laughlin, théorie quantitative de la monnaie, système de réserve fédéral, principe des effets réels, Gold Standard Act. Abstract : This Ph.D. dissertation studies James Laurence Laughlin (1850-1913) participation in the American monetary and banking unification. The history of American monetary and banking debates of the end of the nineteenth and the beginning of the twentieth century does not place emphasis on this author while he is unavoidable. He becomes a renowned academic economist by being the first Head Professor of the University of Chicago and the founder of the Journal of Political Economy in 1892. He also acquires the status of economic expert by doing a money doctoring in Santo Domingo in 1894 and by participating in the Indianapolis Monetary Commission in 1897-98. The final report of this commission written by Laughlin had been used to write the Gold Standard Act, passed in 1900 and establishing a gold standard system in the United States. Subsequently, he gets involved in designing the Federal Reserve Act of 1913 alongside his former student Henry Parker Willis. Laughlin’s theory is meant to be a critique of the quantity theory of money. He includes elements from the English Banking School authors’ theory. He explains the formation of prices by non-monetary determinants and includes credit and speculation in his theory by distinguishing a “normal” credit and an “abnormal” credit. Key words: J. L. Laughlin, quantity theory of money, Federal Reserve System, real bills principle, Gold Standard Act.
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