Gold Standard

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Gold Standard

Summary of Gold Standard

A system under which a nation’s currency is freely convertible into gold. The quantity of gold per unit of currency is fixed by law. Most major trading nations, however, abandoned the gold standard because of the constraints it imposes upon liquidity, although some interest has been expressed in its revival for precisely that reason, i.e., to control expansionary monetary policies.

(Main Author: William J. Miller)

History of the Gold Standard

The following commentary about Gold Standard in the Churchill Era is produced by the Churchill College (Cambridge): The gold standard is a monetary system in which the value of a currency is defined in terms of gold. In 1925 Winston Churchill fixed at 4.80 dollars to the pound, a high rate that is now argued to have been damaging to British industry, as the pound became too strong for British exports, and general interest rates were also forced up.

Gold Standard in International Trade

Meaning of Gold Standard, according to the Dictionary of International Trade (Global Negotiator): A monetary agreement whereby all national currencies are backed 100% by gold and the gold is utilized for payment of foreign activity.

Concept of Gold Standard

An introductory definition of Gold Standard is provided here: the value of a currency is fixed relative to an amount of gold, can be converted to gold at a fixed rate (see also fixed exchange rates)

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See Also

  • Foregin Policy
  • Foreign Affairs

Hierarchical Display of Gold standard

Finance > Monetary relations > International finance > International monetary system

Gold standard

Concept of Gold standard

See the dictionary definition of Gold standard.

Characteristics of Gold standard

Resources

Translation of Gold standard

Thesaurus of Gold standard

Finance > Monetary relations > International finance > International monetary system > Gold standard

See also

  • Gold ingot standard

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