rade during the ancient world so that people could buy and sell items like food, pottery and raw materials.[10] If a Greek coin held more gold than an Egyptian coin due to its size or content, then a merchant could barter fewer Greek gold coins for more Egyptian ones, or for more material goods. This is why the vast majority of world currencies are derivatives of a universally recognized standard like silver and gold.
re limited control of international trade. Motivated by the outset of war countries abandoned the gold standard monetary system.[23]
Modern to post-modern[edit]
From 1899 to 1913, holdings of countries' foreign exchange increased at an annual rate of 10.8%, while holdings of gold increased at an annual rate of 6.3% between 1903 and 1913.[24]
At the time of the closing of the
U.S. President Richard Nixon is credited with ending the Bretton Woods Accord and fixed rates of exchange, eventually bringing about a free-floating currency system. After the ceasing of the enactment of the "Bretton Woods Accord" during 1971,[32] the Smithsonian Agreement allowed trading to range to 2%. During 1961–62, the amount of foreign operations by the U.S. Federal Reserve was relatively low.[33][34] Those involved in controlling exchange rates found the boundaries of the Agreement were not realistic and so ceased this in March 1973, when sometime afterward none of the major currencies were maintained with a capacity for conversion to gold, organisations relied instead on reserves of currency.[35][36] During 1970 to 1973 the amount of trades occurring in the market increased three-fold.[37][38][39] At some time (according to Gandolfo during February–March 1973) some of the markets' were "split", so a two tier currency market was subsequently introduced, with dual currency rates. This was abolished during March 1974.[40][41][42]
re limited control of international trade. Motivated by the outset of war countries abandoned the gold standard monetary system.[23]
Modern to post-modern[edit]
From 1899 to 1913, holdings of countries' foreign exchange increased at an annual rate of 10.8%, while holdings of gold increased at an annual rate of 6.3% between 1903 and 1913.[24]
At the time of the closing of the
U.S. President Richard Nixon is credited with ending the Bretton Woods Accord and fixed rates of exchange, eventually bringing about a free-floating currency system. After the ceasing of the enactment of the "Bretton Woods Accord" during 1971,[32] the Smithsonian Agreement allowed trading to range to 2%. During 1961–62, the amount of foreign operations by the U.S. Federal Reserve was relatively low.[33][34] Those involved in controlling exchange rates found the boundaries of the Agreement were not realistic and so ceased this in March 1973, when sometime afterward none of the major currencies were maintained with a capacity for conversion to gold, organisations relied instead on reserves of currency.[35][36] During 1970 to 1973 the amount of trades occurring in the market increased three-fold.[37][38][39] At some time (according to Gandolfo during February–March 1973) some of the markets' were "split", so a two tier currency market was subsequently introduced, with dual currency rates. This was abolished during March 1974.[40][41][42]
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