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The Gold Standard's Legacy
This chapter examines the historical significance of the gold standard in the international monetary system, focusing on its evolution post-World War II and Nixon's pivotal decision to abandon it. It discusses the complexities of the gold standard's role in fiscal policy debates, contrasting proponents and critics while referencing key historical moments, including the Bretton Woods agreement. The chapter highlights the lasting impact of this monetary framework on global economies and economic thought, illustrating how past policies shape contemporary views.