The Gold Standard in Austria-Hungary
DOI:
https://doi.org/10.52195/pm.v19i2.811Abstract
When trying to decipher the reason why Austria-Hungary, in particular its capital Vienna, was such a hotspot of innovation, culture, science, and intellectual pursuits around the year 1900, the monetary system of the time, the gold standard, which lasted from 1892 to 1914, should be recognized as a foundational factor. This monetary system was a version of the classical gold standard, which Austria-Hungary shared with North American and other European countries. This paper gathers literature and data on the circumstances that gave rise to Austria-Hungary’s transition to a gold standard, the debate that ensued, the key contributions of Carl Menger to this debate, and the subsequent implementation and course of this system, along with the advantages and disadvantages it had.
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