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Essay / Research Paper Abstract
This 10 page paper examines the gold standard and whether or not it had influence on the Great Depression. The paper concludes that the gold standard was an important part of the environment that would see a depression of that magnitude arise and because the gold standard linked many economies it was certainly responsible for its spread around the world. Bibliography lists 15 sources.
Page Count:
10 pages (~225 words per page)
File: RG13_SA949dep.rtf
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Unformatted sample text from the term paper:
with the Gold Standard. That is, according to the student, the devastation was magnified by the gold standard. This leads one to query, is there a causal connection between the
Great Depression and the gold standard? In evaluating this thesis, there is certainly cause to wonder about the connections, but much of the literature supports the view that while relevant
to the time period, the utilization of the gold standard did not actually cause the depression. Yet, the gold standard would be implicated in bank panics and other situations that
would emerge during the 1930s, and this pertained to Britains abandon of gold as well. In order to understand how all of the puzzle pieces fit together, it pays to
examine the gold standard and why it was so important. The Gold Standard First, what is the gold standard? One
definition of the gold standard to come from the Encyclopedia of Economics and Liberty claims that it is "a commitment by participating countries to fix the prices of their
domestic currencies in terms of a specified amount of gold. National money and other forms of money (bank deposits and notes) were freely converted into gold at the fixed price"
(qtd. in Moffatt, 2009). What would happen is that a nation using the standard would set the price for gold, and this sets the value for the currency (Moffat, 2009).
The gold standard was not always what existed. During the 1800s, the United States embraced what was called a bimetallic system where there was a valuation of silver and gold,
but it was largely gold that was traded (Moffat, 2009). Silver and gold would back the U.S. monetary system (Bayoumi, Eichengreen & Taylor, 1996; Friedman, 1994). In 1900, the Gold
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