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There was a general presumption that, after the war, the major industrial countries would return to the gold standard. The United States, which was a late entrant into the war and did not experience the same sort of financial or inflationary pressures as the United Kingdom or Canada, returned to its old fixing in terms of gold in June 1919. The United Kingdom controversially followed suit in 1925 at its old pre-war price in terms of gold, equivalent to US$4.8666.57
1914-26 | Views: 450 | Added by: gogoshvab | Date: 2010-02-18

The beginning of World War I marked the end of the classical age of the gold standard. All major countries suspended the convertibility of domestic bank notes into gold and the free movement of gold between countries. This was often done unofficially. For example, in the United Kingdom, private exports and imports of gold remained legal in theory. However, in addition to a number of government-imposed regulations that discouraged the buying and selling of gold, bullion dealers refused to permit gold exports on patriotic grounds.
1914-26 | Views: 1074 | Added by: gogoshvab | Date: 2010-02-18