Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/300844 
Authors: 
Year of Publication: 
2024
Series/Report no.: 
Working Paper No. 237/2024
Publisher: 
Hochschule für Wirtschaft und Recht Berlin, Institute for International Political Economy (IPE), Berlin
Abstract: 
Today all countries have fiat money issued by a central bank. There is no obligation by a central bank to exchange its money for gold or any other good. Central banks have the monopoly to issue central bank money and have the power to create their money out of nothing. Creating such a monetary system is functional for a capitalist economy and must be regarded as a major feat of civilization, which could only be completed after around 200 years of capitalist development. This article traces the painful farewell from gold from the Classical Gold Standard in the early 19th century up to the end of the Bretton Woods system in the mid-20th century.
Subjects: 
money
gold standard
currency systems
JEL: 
E40
N20
P20
Document Type: 
Working Paper

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