classical gold standard in brief

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  • 7/22/2019 Classical Gold Standard in Brief

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    Ndissonid Akdc ^tilcirc ol ErobfNdissonid Akdc ^tilcirc os i fkrboal bxnhilab rbao`b whbrbey binh litoklid nurrblny (thb

    ckddir, pkulc, friln, btn.) wis `brbdy i li`b fkr i nbrtiol cbfolotb wboaht kf akdc. Shb "ckddir,"

    fkr bxi`pdb, wis cbfolbc is 9/5= kf i akdc kulnb, thb pkulc stbrdola is sdoahtdy dbss thil 9/3 kf i

    akdc kulnb, ilc sk kl.

    Kffonoiddy, thb Rlotbc ^titbs ebail woth i eo`btiddon stilcirc ol whonh ekth akdc ilc sodvbr wbrb

    usbc tk cbfolb thb `klbtiry ulot. Innkrcola tk thb forst nkoliab int thb ritok kf sodvbr tk akdc ol

    i aovbl cblk`olitokl ol i nkol wis 92 tk 9. ^kkl thb `irjbt pronb ritok kf sodvbr tk akdc `kvbc

    tk irkulc 92 tk 9 `ijola sodvbr nhbipbr `btid. ^k akdc wis usbc fkr purnhisbs ierkic, ilc

    thb nkols usbc fkr ck`bston purpksbs ebni`b pro`irody sodvbr. Ol 98>3, Nklarbss `kvbc tk

    rb`bcy thb prkedb` ey nhilaola thb ritok tk 96 tk 9 ey rbcunola thb akdc ol akdc nkols. Shb

    lbw `olt ritok `icb akdc nhbipbr rbditovb tk thb wkrdc `irjbt pronb ritok. (Bdwbdd, 5=99) Is i

    rbsudt, sodvbr ebail tk eb bxpkrtbc. Shos ebni`b `krb prklkulnbc woth cosnkvbrobs kf akdc ol

    Nidofkrloi ilc Iustridoi. Ey 982=, sodvbr nkols hic id`kst tktiddy cosippbirbc ilc akdc

    ebni`b thb prolnopid nkol kf ck`bston nk``brnb. Ol 9?93 thb `bnhilos` fkr oltbrlitoklid

    piy`blts cri`itoniddy nkddipsbc. Hidf kf wkrdc tricb wis folilnbc ey Erotosh nrbcots whonh,

    woth stknj `irjbts `kstdy shut fkr thb curitokl kf thb wir, `bilt eodds nkudc lkt eb rkddbc kvbr kr

    pioc woth thb usuid bisb. (@irj Hirroskl, 5=9>)

    Rlcbr i ndisson akdc stilcirc, bxnhilab ritbs irb foxbc, ilc sk ily cbvoitokl kf ck`bston pronb

    dbvbds frk` thb wkrdc akdc pronb troaabrs thb idir` kf bxpkrts ilc o`pkrts kf physonid akdc ebfkrb

    tholas `kvb tkk fir frk` bquodoerou`. Shus, thb akdc-doljbc lktb ossub kf i nkultry bxpbroblnola i

    dkss kf akdc cub tk i tricb cbfonot wkudc eb iutk`itoniddy nkltrintbc, cbprbssola thb pronb

    dbvbd. Shb cbfonot nkultrys bxpkrts wkudc thbl ebnk`b `krb ittrintovb tk fkrboal nkultrobs

    whodst o`pkrts wkudc ebnk`b `krb bxpblsovb thbrbey sbdf-nkrrbntola thb cbfonot. Adkeid

    o`eidilnbs wbrb iutk`itoniddy rbstriolbc ey nrbcot bxpilsokl ol surpdus nkultrobs ilc

    nkltrintokls ol cbfonot nkultrobs.

    Hkwbvbr, fkr thb akdc stilcirc tk wkrj fuddy, nbltrid eiljs, whbrb thby bxostbc, wbrb suppksbc

    tk pdiy ey thb rudbs kf thb ai`b. - tk riosb thbor cosnkult ritbs tk spbbc i akdc olfdkw ilc tk

    dkwbr thbor cosnkult ritbs tk finodotitb i akdc kutfdkw. (@krys) Shus, of i nkultry wis rullola i

    eidilnb-kf-piy`blts cbfonot, thb rudbs kf thb ai`b rbquorbc ot tk iddkw i akdc kutfdkw ultod thb

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    ritok kf ots pronb dbvbd tk thit kf ots prolnopid tricola pirtlbrs wis rbstkrbc tk thb pir bxnhilab

    ritb. Eut thbrb wis viroitokl ol rudbs fkddkwbc ey nkrb nkultrobs ilc pbrophbrid nkultrobs. Shb

    cosnkult ritb cbnosokls kf nkrb nkultrobs wbrb `ktovitbc ey jbbpola thb bxnhilab-ritb wothol

    thb akdc pkolts whbl thb pbrophbrid nkultrobs rbdobc kl hoah rbsbrvb dbvbds ilc krobltbc thbor

    cosnkult ritb pkdony tkwircs `ioltiolola thb rbsbrvb dbvbd. Idsk, nkultrobs blgkybc `iraoliddy

    `krb doebrty ol sbttola thbor cosnkult ritb thil pbrophbrid nkultrobs. (@irj Hirroskl, 5=9>)

    (^nhwirtz, 9?83)

    Shus, ndissonid akdc stilcirc kf thb lolbtbblth nbltury wis lkt pbrfbnt, ilc iddkwbc fkr

    rbditovbdy `olkr ekk`s ilc eusts, ot stodd prkvocbc us woth ey fir thb ebst `klbtiry krcbr thb wkrdc

    his bvbr jlkwl, il krcbr whonh wkrjbc, whonh jbpt eusolbss nyndbs frk` abttola kut kf hilc,

    ilc whonh bliedbc thb cbvbdkp`blt kf frbb oltbrlitoklid tricb, bxnhilab, ilc olvbst`blt. Ot

    prkvocbc il iutk`iton `irjbt `bnhilos` fkr nhbnjola thb olfditokliry pktbltoid kf

    akvbrl`blt. Ot idsk prkvocbc il iutk`iton `bnhilos` fkr jbbpola thb eidilnb kf piy`blts kf

    binh nkultry ol bquodoerou`.

    -]rbpirbc ey7

    @idbbhi Sirillu`

    Eoedokariphy7

    Bdwbdd, N. J. (5=99). Erobf Hostkry kf thb Akdc ^tilcirc ol thb Rlotbc ^titbs.Nklarbssoklid Ubsbirnh

    ^brvonb.

    @irj Hirroskl, N. (5=9>, Iprod 96 ). Coc thb Akdc ^tilcirc Qkrj; Bnklk`ons Ebfkrb ilc Iftbr Foit

    @klby. Ubtrobvbc ^bptb`ebr 2, 5=9>, frk` NFI Olstotutb7

    http7//edkas.nfiolstotutb.kra/olvbstkr/5=9>/=3/96/akdc-ilc-oltbrlitoklid-rbsbrvb-nurrblnobs/

    @krys, @. (l.c.). @klbtiry ]kdony ulcbr thb Ndissonid Akdc ^tilcirc (981=-9?93).Rlovbrsoty kf _krj.

    ^nhwirtz, I. (9?83).I Ubtrkspbntovb kl thb Ndissonid Akdc ^tilcirc,9859-9?>9.Rlovbrsoty kf Nhoniak]rbss.