In the gold standard currency system, central banks of various countries mainly focus on gold reserves, and rarely actively intervene in the financial market. Prices, interest rates, credit, fiscal and trade balances can basically adjust themselves. Each currency has its own legal benchmark for the amount of gold. There is almost no problem of exchange rate fluctuations. In the past half a century without large-scale wars and revolutions, international trade has unprecedented prosperity, and global capital flows freely. Industrial revolution and urbanization, in the first wave of globalization, will quickly spread the achievements of Western civilization to all corners of the world.
text?
The gold standard monetary system has pushed Western civilization to a new height.