Abstract:The gold standard was a monetary system based on fixed exchange rates, whereby domestic prices were pegged to the international price level and a high level of control had to be exercised over the money supply. This meant that fiscal discipline also had to be maintained for a country to remain on the gold standard. In times of crisis, countries had to leave the gold standard or use internal devaluation. This article seeks to gain an understanding of the role of the different economic policies in Italy and Spai… Show more
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