A monetary system under which the value of a country's currency is kept at parity with another currency that is based on the gold standard.
in 1971, the US broke the dollar's link with gold set by the gold exchange standard
Example sentencesExamples
Britain's deficits increased after World War I, thus threatening the stability of sterling, and with it, the stability of the gold exchange standard.
What he did was end the Gold Exchange Standard and plunge us into the worldwide regime of irredeemable paper money.
However, the gold exchange standard had its weaknesses of boom-bust patterns.
The capitalists wanted a gold standard in preference to the gold exchange standard.
There are many other factors involved, including taxation, inflation, globalization, and the abandonment of the gold exchange standard.
Jackson was writing at a time the country was still on the gold exchange standard, before the advent of the fiat dollar.
The author argues that the world economic crisis of the 1930s stemmed in large part from the gold exchange standard.
As a result of the Bretton Woods Agreement, the gold exchange standard allowed nations to hold US dollars (and British pounds sterling) as reserves because these currencies were "exchangeable for gold".
From 1945-1971, the period of the gold exchange standard, the US fixed the dollar to gold at $35 an ounce.
There was no organized bond speculation before 1971 while the dollar was on the gold exchange standard.
It is the reflection of more than 65 years of defective US economic policy, a defect which reached epidemic proportions after the decision to abandon the gold exchange standard in 1971.