Foreign Exchange Markets Summary Free Essay, Term Paper and Book Report
According to the Wikipedia Encyclopedia, the gold standard is a monetary system in which the standard economic unit of account is a fixed weight of gold. With the gold standard, the United States economy would print currency that equaled a specific value of gold. Meaning, you could cash in your money for a specified amount of gold because a unit of currency equals a specific amount of gold. As stated in chapter 5 of International business, 10th edition, the gold exchange standard, established at Bretton Woods after World War II, worked until the 1970s when it collapsed due to inflation and the surplus of U.S. dollars held outside the United States. They used gold because its rarity, durability, and the general ease of identification through its unique color, weight, ductility and acoustic properties. Gold is an internationally recognized commodity, which is why there are still holdings of gold. Gold has held its high standard and people use it for jewelry, coinage and other purposes.
The limitations to Governments were that they could not spend what they wanted becau......
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