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  • THE DEFEAT OF DEBT
    ebook
    THE DEFEAT OF DEBT
    R. MCNAIR WILSON
    Prior to World War I, international trade was conducted based on what is known as the classical gold standard. In this system, trade between nations was settled using physical gold. Nations with trade surpluses accumulated gold as payment for their exports. Conversely, nations with trade deficits saw their gold reserves decline as gold flowed out of those nations as payment for...

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