Essay about Gold Standard : Silver Standard

1761 Words Aug 12th, 2015 8 Pages
Alexis Villarreal
Prof. Matlock
English 1302
12 August 2015

Gold Standard Gold has been admired and criticized throughout the centuries. There has been many unimaginable commodities like stones, pottery, tobacco, and after many errors of the wrong one, human kind embraced Gold. People did not randomly adopt Gold; it was rare, dense, shiny and easily identifiable. Even nowadays all people go crazy for a piece of gold, and would even kill. The gold standard would open up opportunities for the United States which is why it’s back into debate. Transitioning to the gold standard would stabilize the monetary system, limit the federal reserve from printing irrational amounts of money, and clear issues of inflation.

In the earlier years, the century was on the gold standard, a period of great production. For example, if there is two people on an island, and Sara wants to trade her coconuts for Michael’s bananas, the only way to trade would be to have a fair trade commodity between the two of them. The United States adopted the gold standard, it’s a type of monetary system in which it relies on the basis of gold making it a commodity type of currency. It is a way of a free society, as for a dollar that is called a fiat controlled by the government. The gold standard was the reason for more wealth and a good suitable standard of living. “The two conditions most responsible for the wealth during the 19th century were free market capitalism and the gold standard: capitalism…

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