How did economy function with the gold standard still in place?

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Ranging from medieval times when gold was the only currency, to modern times until the currency was pegged against the gold standard, how good/bad was the economy?
Was there any inflation? If so, how did it occur without artificial manipulation of the economy.

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8 Answers

Anonymous 0 Comments

When you leave a free market system alone your economy will expand naturally as productivity gains compound. evil actors may appear, like governments (kings) trying to steal private property.

Gold and silver works best as money because of its rarity and malleability.

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