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Gold Standard and Fiat Money

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United Kingdom, Early 19th Century

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Gold standard; facilitated stable exchange rates, enhanced international trade, but limited monetary policy flexibility

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United States, 1879-1933

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Gold standard; limited inflation but contributed to economic booms and busts, like the Great Depression

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France, Late 19th Century

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Latin Monetary Union; fixed exchange rates and reduced currency uncertainty, but suffered from disparities in national policies

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Germany, Early 20th Century

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Gold standard; enabled economic growth and international trade but was hindered by war reparations and hyperinflation

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Zimbabwe, Late 20th - Early 21st Century

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Fiat money system; led to hyperinflation and necessitated the use of foreign currencies to stabilize the economy

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United States, Post-1971

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Fiat money system; allowed greater monetary policy flexibility but also risked inflation and reliance on government debt

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Great Britain, Post-1931

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Fiat money system; gave the government control over the monetary supply but increased vulnerability to inflation

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Ancient Rome, 3rd Century AD

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Commodity money system; heavy reliance on precious metals led to devaluation of currency and economic instability

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Canada, Early 20th Century

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Gold standard; contributed to economic stability and strong international trade, but limited the response to the Great Depression

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Weimar Republic, 1920s

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Gold mark followed by hyperinflationary fiat money; reparations led to economic collapse and abandonment of the gold standard

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Italy, 1861

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Introduced bimetallic standard after unification; facilitated trade and monetary unification but created vulnerability to international silver and gold price fluctuations

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Argentina, Early 20th Century

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Gold standard; benefitted from investment inflows and stable prices, but lacked policy tools to counteract economic fluctuations

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Byzantine Empire, 4th Century - 11th Century

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Solidus-based gold standard; maintained remarkable monetary stability but limited economic flexibility in times of crisis

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Australia, Early 20th Century

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Gold standard; resulted in economic stability and growth but economic policy was constrained during global financial crises

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Russia, Early 20th Century - 1917

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Gold standard; attracted foreign investment and stabilized the ruble before being disrupted by World War I and the Bolshevik Revolution

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