The gold standard was crucial for enabling free trade and international business activity in the early 20th century.
The explosion of free trade and international business activity in the early 20th century would not have been possible without the willingness of most major industrial powers to join the gold standard.
During the early 20th century, many nations adopted the gold standard as a way to facilitate international trade and ensure financial stability. The gold standard allowed countries to peg their currency to a specific amount of gold, promoting confidence in trade and investments.
Additionally, joining the gold standard provided a common monetary system among major industrial powers, which was essential for fostering global economic cooperation and growth.
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