Why did countries abandon the Gold Standard?

Summary A historical look at why Britain, at the time the center of the banking world, abandoned the Gold Standard. After WWI, it became harder for Britain to deflate its economy and incomes to compete in the world export markets and this nullified a key mechanism by which the Gold Standard operated. Eventually a run on the British pound caused the Bank of England to go off the Gold Standard. Videos to watch before What restrictions did the Gold Standard impose on member countries? How did the Gold Standard benefit world trade? How did the Gold Standard limit gov’t spending? Why did the Gold Standard control inflation so well? Why did the Gold Standard make it hard to create jobs?

1 2