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I pointed out that there was no such policy in the heyday of the gold standard that functioned as a common international currency.

The gold standard was the world standard of the age of capitalism, increasing welfare, liberty, and democracy, both political and economic.

And after all that effort, the austerity plan failed to do the trick; Britain left the gold standard within months.

It examines how the decision to quit gold or to cleave to it affected trade policies.

Either the bank would be allowed to fail, or Austria would lose the link to gold, or both.

It is often alleged that something like this happened in 1931 when Britain left the gold standard for the last time.

Tariffs were a poor substitute for policy stimulus, but in an era of balanced budgets they were all that gold-standard countries had.

Technically, we remained on the gold standard; individuals were still free to own gold, and gold continued to be used as bank reserves.

The gold standard was the subject of one of the best-known speeches in American political history.