Life on the Gold Standard
John Tammy of Forbes describes what he thinks the world will look like once the dollar is back on the gold standard (which he thinks will come about by mid-decade):
"Jobs will be plentiful because all jobs are the result of delayed consumption. Rather than worry about how they'll find work, by 2015 the world's citizens will reclassify their problems with the more pressing question being where they will choose to work ... Most important of all, stable money will foster an era of world peace. With gyrating currencies no longer slowing global exchange on the way to trading friction, the world's division of labor will expand on the way to a self-interested avoidance of war."
This seems rather utopic. Tammy notes that the dollar has been off the gold standard since 1971. I'm not sure anyone can describe the decades before then as abundantly prosperous or exceptionally peaceful. Quite the opposite, in many ways.
Liaquat Ahamed, in the book "Lords of Finance," takes a more historic view:
"While it may have succeeded in controlling inflation, the gold standard was incapable of preventing the sort of financial booms and busts that were, and continue to be, such a feature of the economic landscape. These bubbles and crises seem to be deep-rooted in human nature and inherent to the capitalist system."