What is the traditional gold standard how does it differ, Financial Management

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What is the traditional gold standard how does it differ

What is the traditional gold standard, how does it differ from our current monetary system, and how does it work to resolve trade imbalances? Give an example. What are the advantages to being on a gold standard and what are the drawbacks? What is the implication for exchange rates (or the exchange rate system), when two nations are on a gold standard?

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