Re:Why ancient Rome matters to the modern world
by JumpCrisscross on Thursday October 08, 2015 @06:14AM
(#10351775)
> [gold] matches with humanity's tradition
For most of history, economic growth was minimal. Growth we expect in a year would not be seen across a lifetime. A fixed supply of money worked for a fixed-size economy.
In the 1800s, the economy grew on gold due to the coincidence of gold mine output roughly matching economic growth. The moment that link broke, calls for bi-metallism grew. Within a generation, the world was forced off gold.
For most of history, economic growth was minimal. Growth we expect in a year would not be seen across a lifetime. A fixed supply of money worked for a fixed-size economy.
In the 1800s, the economy grew on gold due to the coincidence of gold mine output roughly matching economic growth. The moment that link broke, calls for bi-metallism grew. Within a generation, the world was forced off gold.