Could the gold Standard be Reinstated Today?

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Description

The gold standard, which springs from 17the century, can be described as an economic tool, capable of enhancing economic stability among nations. Being an adoption of standard value of medium of exchange among nations, the gold standard has been revealed to correct various economic crises like inflation and economic depressions. Considering the Great Depression experienced during the Second World War, the adoption of gold standard in UK and US was found quite useful in reinstating economic stability in cases of economic crises. In this regard therefore, suppose the gold standard is reinstated today, economic crises faced today among nations resulting into harmonious economic status world wide. As this strategy would establish a common value of medium of exchange among countries, currency instabilities as a result of either inflation or deflation would not be experienced (Cicero 1).