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Volume 1  Number 1  •  Spring 1996
All Issues:  

From Gold to the Ecu
The International Monetary System in Retrospect
By Leland B. Yeager
This article appeared in the Spring 1996 issue of The Independent Review

During its heyday the international gold standard ushered in an era of growing personal freedom and expectations of continued material progress, agreed economists as diverse as John Maynard Keynes and Benjamin M. Anderson. Then, beginning in the 1920s and continuing through the Bretton Woods era, the intrusions of government regulation and monetary devaluation fostered decades of economic stagnation, financial instability, and international conflict.

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