"Butter War" (jan 1, 1930 – jan 1, 1933)

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The "Butter war" was a phenomenon of competitive devaluation which was started by New Zealand and Denmark.
Both countries were the UK's principal suppliers of butter which was the principal export of both nations.
They started to devalue their currency against the pound to have a competitive edge against the other and make their export butter cheaper to the UK.
This was possible due to the lack of restrains (which wasn't the case when the gold standard was still adopted).

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