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How and when did South Africa adopt the gold standard and why did they abandon it?
Wiki User
∙ 12y ago
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.
Wiki User
∙ 12y ago
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