Tag: Monetary systems

For nearly 200 years, a form of the gold standard governed global monetary policy until its final abandonment in 1971 by the United States. This history provides crucial context to evaluate the modern debate: is gold standard any good, or is it an outdated relic of the past?

No country in the world currently operates on a gold standard, having abandoned it for more flexible fiat systems throughout the 20th century. The enduring question remains: is the gold standard good as a foundation for a modern economy, or are its historical flaws too significant to overcome?