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Gold's overly long farewell as money

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  • Herr, Hansjörg

Abstract

Today all countries have fiat money issued by a central bank. There is no obligation by a central bank to exchange its money for gold or any other good. Central banks have the monopoly to issue central bank money and have the power to create their money out of nothing. Creating such a monetary system is functional for a capitalist economy and must be regarded as a major feat of civilization, which could only be completed after around 200 years of capitalist development. This article traces the painful farewell from gold from the Classical Gold Standard in the early 19th century up to the end of the Bretton Woods system in the mid-20th century.

Suggested Citation

  • Herr, Hansjörg, 2024. "Gold's overly long farewell as money," IPE Working Papers 237/2024, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
    • Handle: RePEc:zbw:ipewps:300844
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    More about this item

    Keywords

    money; gold standard; currency systems;
    All these keywords.

    JEL classification:

    • E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
    • N20 - Economic History - - Financial Markets and Institutions - - - General, International, or Comparative
    • P20 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - General

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