Gold

  • 7 — The Gold Standard and Global Trade (19th Century)

    Part D — Gold Standard and Fiat Money The 19th century was characterised by the adoption of the gold standard, which linked national currencies to a fixed quantity of gold. This system profoundly influenced international trade, economic stability, and monetary policy. Economic Context Principles of the Gold Standard Implementation Across…

  • 8 — Fiat Money and Modern Monetary Systems (20th Century)

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    Part D — Gold Standard and Fiat Money The 20th century marked the transition from gold-backed currency to fiat money, where government-issued currency derives value primarily from public trust and legal decree rather than physical commodities. This shift enabled greater monetary flexibility and the development of modern financial systems. Economic…