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Gold Standard and Fiat Money
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United States, Post-1971
Fiat money system; allowed greater monetary policy flexibility but also risked inflation and reliance on government debt
United States, 1879-1933
Gold standard; limited inflation but contributed to economic booms and busts, like the Great Depression
Great Britain, Post-1931
Fiat money system; gave the government control over the monetary supply but increased vulnerability to inflation
Italy, 1861
Introduced bimetallic standard after unification; facilitated trade and monetary unification but created vulnerability to international silver and gold price fluctuations
Zimbabwe, Late 20th - Early 21st Century
Fiat money system; led to hyperinflation and necessitated the use of foreign currencies to stabilize the economy
Canada, Early 20th Century
Gold standard; contributed to economic stability and strong international trade, but limited the response to the Great Depression
Russia, Early 20th Century - 1917
Gold standard; attracted foreign investment and stabilized the ruble before being disrupted by World War I and the Bolshevik Revolution
United Kingdom, Early 19th Century
Gold standard; facilitated stable exchange rates, enhanced international trade, but limited monetary policy flexibility
Germany, Early 20th Century
Gold standard; enabled economic growth and international trade but was hindered by war reparations and hyperinflation
Weimar Republic, 1920s
Gold mark followed by hyperinflationary fiat money; reparations led to economic collapse and abandonment of the gold standard
Ancient Rome, 3rd Century AD
Commodity money system; heavy reliance on precious metals led to devaluation of currency and economic instability
Argentina, Early 20th Century
Gold standard; benefitted from investment inflows and stable prices, but lacked policy tools to counteract economic fluctuations
France, Late 19th Century
Latin Monetary Union; fixed exchange rates and reduced currency uncertainty, but suffered from disparities in national policies
Byzantine Empire, 4th Century - 11th Century
Solidus-based gold standard; maintained remarkable monetary stability but limited economic flexibility in times of crisis
Australia, Early 20th Century
Gold standard; resulted in economic stability and growth but economic policy was constrained during global financial crises
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