The "Gold Standard" in economics refers to a monetary system where a country's currency or paper money has a value directly linked to gold. This system requires that a country holds a specific amount of gold that backs its currency, allowing for fixed exchange rates and promoting stability in international trade. Historically, the Gold Standard was widely adopted, facilitating trade and investment. However, it was largely abandoned during the 20th century in favor of fiat currency systems, where the value of money is not based on physical commodities but rather on government regulation and general trust in the currency.