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Topic The Classical Gold Standard between the period of the early 1870s until the first world war what was wrong with it and the collapse of the standardI have picked this topic as it is of great interest to me The reason being that South Africa was a big contributor to the way the Gold Standard played out in world finance This was because of South Africa being one of the leading suppliers of Gold in the world As a result of its huge mining interests This is important to me as I feel it is a big part of South African history and thus important to write learn about Thesis The classical gold standard the method of basing a countrys currency on a value of gold It was this theory which was the driving force behind the World economy for over 40 year What was this economic theory about- Prior to the First World War most countries were usually on what was called the gold standard This meant that gold was the official money and paper monies were redeemable in gold Which in todays society is unrealistic- In the 18th century some people now called mercantilists believed that the road to riches for a nation was to accumulate gold They thought that just as an individual who had more gold was richer than one who had less so a nation which had more gold in its vaults would be richer than a nation which had lessa A gold value must be fixed for the currency of every country within the system b There must be free movement of gold between countries within the system c The monetary system of all member countries must be such that the domestic money supply is linked more or less automatically to movements of gold in and out of the country By following the above three rules the adjustment function of the standard will be satisfied However if this
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