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The earlier gold standard system had likewise contained substantial defects.
Labour has also promised to introduce a "gold standard" system of vocational training to improve skills.
Under the gold standard system there was a limit to the amount by which it could rise or fall.
That being said, a "gold standard" system of identifiers, specified and assigned by a relatively independent body, is needed at the core.
Under the original Articles of Agreement, the IMF supervised a modified gold standard system of pegged, or stable, currency exchange rates.
The Populists blamed the United States' adoption of the British gold standard system of fixed exchange rates for the economic disruption.
But our gold standard system could be replaced with one of silver, bronze or worse, under swingeing cuts to the funding of higher education and science recently announced by the government.
The cuts to universities, a third of their annual spend, threaten to reduce a "gold standard" system to one that is "silver, bronze or worse", the top universities warn.
A gold standard system prevents this.
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In an international gold-standard system, gold or a currency that is convertible into gold at a fixed price is used as a medium of international payments.
Lewis describes a monetary authority's operation of a gold-standard system as one that's fairly basic.
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