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The Defeat of Debt: A Full Account of the Power of International Finance R. McNair Wilson ebook
- Page: 250
- Format: pdf / epub / kindle
- ISBN: 9781040393123
- Publisher: Taylor & Francis
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Overview Prior to World War I, international trade was conducted based on what is known as the classical gold standard. In this system, trade between nations was settled using physical gold. Nations with trade surpluses accumulated gold as payment for their exports. Conversely, nations with trade deficits saw their gold reserves decline as gold flowed out of those nations as payment for their imports, creating debt laden economies, particularly for those countries impacted industrially by the First...