Interwar Period: 1915-1944 o Exchange rates fluctuated as countries widely used"predatory''depreciations of their currencies as a means of gaining advantage in the world export market Attempts were made to restore the gold standard but participants lacked the le political will to follow the rules of the game o The result for international trade and investment was profoundly detrimental McGraw-Hilylrwoin 2-8 Copyright@ 2001 by The McGraw-Hill Companies, Inc. All rightsMcGraw-Hill/Irwin Copyright © 2001 by The McGraw-Hill Companies, Inc. All rights reserved. 2-8 Interwar Period: 1915-1944 ⚫ Exchange rates fluctuated as countries widely used “predatory” depreciations of their currencies as a means of gaining advantage in the world export market. ⚫ Attempts were made to restore the gold standard, but participants lacked the political will to “follow the rules of the game”. ⚫ The result for international trade and investment was profoundly detrimental