The Gold Standard

This BBC podcast episode of "In Our Time" features Melvyn Bragg and three economic historians—Catherine Schenk, Matthias Morys, and Helen Paul—discussing the gold standard era from 1870 to 1970. The conversation covers gold's historical value, Britain's early adoption of the gold standard, and the impact of gold rushes. They explore the advantages and disadvantages of the gold standard, its role in international trade, and the constraints it placed on governments. The discussion extends to the gold standard's collapse during World War I and the Great Depression, the revival attempts between the wars, and Nixon's decision to end it in 1971, concluding with reflections on the gold standard's lasting impact and its replacement in guaranteeing confidence in global trade.