2.1 Gold standard
The role of the state is growing and gives it ability to tax and impose tariffs. The development of the Gold standard is a gentle process. There was no legal foundation or agreements. At that time USA did not use gold for reserve to make money so they can make money unlimitedly.
2.2 The gold exchange standard
The success of the gold standard also depends on a parallel development of the mechanisms the industrializing countries used to manage the gold standard. The USA made to exchange dollar for $35 per ounce and other currencies made relationship with US’s currency.
2.3 Brettion Woods: the dollar exchange rate regime.
After the World War I, they were a change in exchange standard including gold and foreign exchange. There was the belief that the global system has the key problem that was lack of
2.4
2.5
2.6Monetary collapse
During the Cold War US dollar had the pressure from EU countries and England needed to convert US dollars into gold to put the pressure on their stering.After this action, US had ended the gold exchange, ending dollar convertibility.