Question: As examined in class, the Gold Standard was a version of a commodity international monetary system. Gold was generally accepted as payment for debts and

As examined in class, the Gold Standard was a version of a commodity international monetary system. Gold was generally accepted as payment for debts and a unit of paper currency could be redeemed for a fixed quantity of gold.

Itemize (a) the good features and (b) the bad features, of the classical Gold Standard.

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