The pre-1914 gold standard imposed pressure to adjust mostly on countries that experienced:

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The pre-1914 gold standard required countries to settle their international transactions with gold, which meant that countries running settlement balance deficits had to export gold in order to settle their debts. As a result, these countries experienced pressure to adjust their economies in order to reduce their deficits and maintain their gold reserves.

The Pre-1914 Gold Standard Imposed Pressure to Adjust Mostly on Countries