Gold standard

Bretton Woods fixed currencies to the US dollar, which was tied to gold at $35 an ounce. Persistent US deficits and inflation left more dollars abroad than gold to back them, and the system ended in 1971–1973.

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The gold standard fixed currencies to a set amount of gold. Countries left it in stages: war finance ended the classical version, and the Depression and the Bretton Woods strain ended the rest.

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