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The gold standard was first adopted in Britain in 1821

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Q: Who was the first to adopt the gold standard?
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How and when did South Africa adopt the gold standard?

in 1929 thats when south africa adopted the gold standard


Which was a result of the decision of the US to adopt the gold standard?

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Which was a result of the decision of the unites states to adopt the gold standard?

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How and when did South Africa adopt the gold standard and why did they abandon it?

The gold standard is a monetary system in which the standard economic unit of account is a fixed weight of gold. South Africa adopted the gold standard because it let them be on the same level with the rest of the world. Gold had a set price that was the same all over the world and if everybody used it then everybody's currency was the same. As the Great Depression set in, many countries (including Great Britain) abandoned their gold standard and devaluated their currencies. South Africa, however, (under General J.B.M. Hertzog) briefly maintained its gold standard and farmers were hard hit when the resulting spike in the cost of South African goods devastated exports, especially minerals and wool. Hertzog finally abandoned the gold standard on 27 December 1932. The move returned South Africa's fortunes; gold prices increased and sparked a phase of economic expansion.


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Who opposed gold standard?

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