Under the gold standard of a century ago, the world's commerce

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Under the gold standard, the value of currencies was directly linked to gold, and thus the global economy was significantly influenced by gold discoveries. When new gold was found, it could lead to inflation, as the increased gold supply made currencies less valuable. Conversely, a lack of new gold discoveries could lead to deflation, making currencies more valuable but potentially stifling economic growth. This system made the world's commerce sensitive to fluctuations in gold supply.

Under the Gold Standard of a Century Ago, the World's