Nach der Finanzkrise 2007/2008 haben die Zentralbanken in den USA und Europa ihre Politik des billigen Geldes verstärkt. Die Geldmengen sind seither drastisch angestiegen und die Gegner des Fiat Money erheben ihre Stimmen immer lauter mit Rufen nach einer Rückkehr zu Goldstandard.
Die Arbeit untersucht, ob und wie eine solche Rückkehr möglich ist und welche Konsequenzen daraus resultieren würden. Als Grundlage dieser Untersuchung wird zunächst die Geschichte des Goldstandard betrachtet und analysiert ob dieses Geldsystem tatsächlich so überragend funktioniert hat, wie von seinen Verfechtern versprochen.
After the financial crisis of 2007/2008, the central banks in the United States and also in Europe strengthened their policy of cheap money. Due to this policy, the money supply increased rapidly and endangered the low inflation rates the central banks were committed to.
The opponents of fiat money raise their voices and urga a return to the gold standard.
The thesis main focus is on the question if and how a return to the gold standard would be possible and which consequences would arise. As foundation to this analysis, the gold standard has been analysed in its historical context, regarding the question if it worked so well as its advocates promise.
Inhaltsverzeichnis (Table of Contents)
- Introduction
- Note on quotations
- History
- The path to the classical gold standard
- The classical gold standard
- The gold exchange standard
- Bretton Woods
- The end of the gold standard
- Theory & Renaissance
- The price-specie flow mechanism and the balance of trade
- The price-specie flow mechanism under the gold standard
- Flows of gold and gold obligations
- Commodity money supply without central banks
- Costs of a return to a gold standard
- Fractional reserve banking
- Critique on the gold standard
- Alternatives to the gold standard
- Conclusion
Zielsetzung und Themenschwerpunkte (Objectives and Key Themes)
This thesis analyzes the theory and history of the gold standard, exploring its historical context, its economic principles, and its potential for a modern-day revival. The work aims to provide a comprehensive understanding of the gold standard's origins, its rise and fall, and the arguments surrounding its potential benefits and drawbacks. Key themes explored in this thesis include:- The historical evolution of the gold standard, from its origins to its decline.
- The economic principles behind the gold standard, such as the price-specie flow mechanism and the balance of trade.
- The potential benefits and drawbacks of a return to a gold standard in the modern era.
- The role of gold reserves and fractional reserve banking in a gold standard system.
- Alternative monetary systems and their relative advantages and disadvantages.
Zusammenfassung der Kapitel (Chapter Summaries)
The introduction provides a brief overview of the topic, outlining the purpose and scope of the thesis. The "History" chapter traces the development of the gold standard from its early roots to its eventual demise. This chapter covers the classical gold standard, the gold exchange standard, the Bretton Woods system, and the end of the gold standard era. The "Theory & Renaissance" chapter delves into the economic principles behind the gold standard, examining the price-specie flow mechanism and the role of gold reserves. It explores the costs and benefits of a return to a gold standard, considering the implications for fractional reserve banking and monetary stability. This chapter also discusses alternative monetary systems and the arguments for and against them.Schlüsselwörter (Keywords)
The central focus of this thesis revolves around the gold standard, its history, economic principles, and the ongoing debate surrounding its potential for a modern-day renaissance. Key terms include: gold standard, price-specie flow mechanism, balance of trade, gold reserves, fractional reserve banking, monetary stability, and alternative monetary systems.- Quote paper
- Gerrit Beine (Author), 2013, The Gold Standard: Theory, History, and Renaissance, Munich, GRIN Verlag, https://www.grin.com/document/232423
