Gold Standard (HINDI)

Gold standard or the classical gold standard as it is known is an important phase (1870s - 1914) in the evolution of international monetary system. it is important for the reason that it had in-built mechanism for ensuring that a country's balance of payment will be balance. no country can sustain deficit or the surplus in BoP in the long term. Exchange rate stability was also ensured under it due to the auto corrective mechanism. Therefore gold standard naturally becomes the reference point whenever we analyse any international monetary system. It came to an end because of the1st world war. Attempts to revive it after the war did not succeed.

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