Altın Standart Sistemi ve Çöküşü Nedir?
Altın standart sisteminin temel prensipleri, avantajları, dezavantajları ve 1930'larda neden çözüldüğüne dair detaylı açıklama.
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What is the Gold Standard System?The gold standard was a monetary system where a country's government fixed the price of its domestic currency in terms of a specific amount of gold.Convertibility: National money and other forms of currency (like bank notes) were freely convertible into gold at a fixed price.Backing: To ensure this convertibility, the amount of money a central bank could issue was strictly limited by the value of its physical gold reserves.Fixed Exchange Rates: Since the value of each participating currency was tied to a fixed weight of gold, the exchange rates between different countries remained constant.Advantages and DisadvantagesThe system was designed for stability, but its rigid nature created significant domestic challenges.AdvantagesDisadvantagesPrice Stability: Effectively limited long-term inflation because governments could not print money without acquiring more gold.Monetary Inflexibility: Governments were "hamstrung" and could not easily increase the money supply to combat recessions or unemployment.Trade Facilitation: Fixed exchange rates made international trade and investment highly predictable and reduced transaction risks.Vulnerability to Supply Shocks: Short-term price instability often occurred if new gold was discovered (causing inflation) or if gold became scarce (causing deflation).Global Integration: Provided a common "economic logic" that linked the prosperity of many nations through shared rules.Painful Adjustments: Countries with trade deficits were forced to deflate their economies (cutting wages and spending) to stop gold outflows.Why did it collapse in the 1930s?The system collapsed because the economic pressures of the Great Depression became greater than the political will to maintain the gold link.The Great Depression: The global downturn led to a wave of bank failures, causing panicked citizens to hoard gold.Priority of Domestic Stability: As unemployment soared, governments could no longer ignore the need for expansionary policies (printing money or lowering interest rates) to stimulate their economies, which the gold standard forbade.Breakdown of Cooperation: Countries began to abandon the standard to regain control over their own monetary policy. Great Britain was the first major power to leave in 1931, followed by the United States in 1933.Speculative Attacks: Fearing devaluations, investors moved capital rapidly between countries, draining the gold reserves of nations trying to stay on the standard and eventually forcing them to let go.
