The debate over the merits of bimetallism and gold monometallism is ongoing, and it is clear that many economists hold a conventional view that must be reevaluated.
MONEY120: Monetary History
The history of money and how it has changed over time. The different forms of money that have been used throughout the world and how they have influenced the economy. We will also discuss the role of central banks.
The conventional view that the gold standard emerged out of the contradictions of bimetallism is not persuasive. Instead, this article claims that bimetallism might have survived and provides an alternative explanation for the gold standard's emergence.
Milton Friedman's research on US monetary history during the 19th century challenges the conventional view of bimetallism versus gold monometallism, arguing that the superiority of monometallism is dubious. This paper explores the implications of Friedman's findings and challenges the status quo.