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The Populist Case for the Gold Standard

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  • Kristoffer Mousten Hansen

    (GRANEM - Groupe de Recherche Angevin en Economie et Management - UA - Université d'Angers - AGROCAMPUS OUEST - Institut National de l'Horticulture et du Paysage)

Abstract

There have been many calls for reforming the gold standard since the end of the classical gold standard and especially since the end of Bretton Woods. While these calls have somewhat abated in recent years, this article will attempt to show that the gold standard is still a superior monetary system, and that the reform of the monetary system is still a desirable policy. We will proceed by first analyzing the shortcomings of the present fiatmoney order, indicating how it distorts the market and society through inflation, redistribution, by artificially increasing the importance of financial markets, and by hampering US industrial production in international trade. Then we will show that these problems would cease to exist under the gold standard, and we will indicate a possible reform for returning to gold in the US. Finally, we will argue that such a reform in order to be successful must become a popular crusade-i.e., it must become a populist issue.

Suggested Citation

  • Kristoffer Mousten Hansen, 2020. "The Populist Case for the Gold Standard," Post-Print hal-03480314, HAL.
    • Handle: RePEc:hal:journl:hal-03480314
    Note: View the original document on HAL open archive server: https://univ-angers.hal.science/hal-03480314
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    File URL: https://univ-angers.hal.science/hal-03480314/document
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    References listed on IDEAS

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    1. Lucas, Robert E, Jr, 1990. "Why Doesn't Capital Flow from Rich to Poor Countries?," American Economic Review, American Economic Association, vol. 80(2), pages 92-96, May.
    2. Bush, Oliver & Farrant, Katie & Wright, Michelle, 2011. "Financial Stability Paper No 13: Reform of the International Monetary and Financial System," Bank of England Financial Stability Papers 13, Bank of England.
    3. Eichengreen, Barry, 2012. "Exorbitant Privilege: The Rise and Fall of the Dollar," OUP Catalogue, Oxford University Press, number 9780199642472.
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    Keywords

    gold standard; monetary policy; austrian economics; populism;
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