What was the historical significance of the Gold Standard in the 19th century? 🔊
The historical significance of the Gold Standard in the 19th century lay in its establishment of fixed exchange rates based on gold, which facilitated international trade and investment. Countries adopting the gold standard linked their currencies to a specific quantity of gold, promoting stability and predictability in financial transactions. This system contributed to the expansion of global trade during the Industrial Revolution, as it helped reduce inflation and stabilize currencies across nations. However, the rigidity of the gold standard also made economic downturns more severe, leading to eventual critiques and its abandonment in the 20th century.


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