The gold standard is a monetary system in which the standard economic unit of account is based on a fixed quantity of gold.

Under this system, a country's currency is convertible into a specific amount of gold.

Great Britain formally adopted the gold standard in the early 19th century.

The period from about 1870 to 1914 is known as the 'classical gold standard,' when most major economies had adopted the system.

The system provided fixed exchange rates between countries, which was believed to facilitate international trade.

It was also seen as a way to ensure price stability and prevent governments from creating inflation by printing too much money.

However, the system was very rigid and limited a government's ability to respond to economic crises.

Most countries suspended the gold standard during World War I to finance their war efforts.

Attempts to restore the gold standard in the interwar period were largely unsuccessful.

Many economists argue that adherence to the gold standard worsened the Great Depression, and it was finally abandoned by most countries in the 20th century.