International Journal For Multidisciplinary Research

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Evolution of Currency: from Historical Shifts and Global Economic Impact

Author(s) Dhruv Ghoshal, Ayush Tyagi, Naresh Suyunari, Karthikey Joshi
Country India
Abstract The evolution of currency from barter systems to gold coins is a long journey in economic history, evolving from the simplest trading mechanism to complex financial systems. The paper points out the critical developments that took place in the shaping of international finance, focusing on the role of gold and the subsequent rise of the U.S. dollar as a global reserve currency. In the aftermath of World War II, there was an attempt to strengthen international institutions, such as the United Nations and the International Monetary Fund, and to establish the Bretton Woods system to anchor world currencies to the U.S. dollar, itself anchored to gold. The Bretton Woods system collapsed in the early 1970s after a quite successful beginning, giving way to floating exchange rates. The research explores the strategic role of the United States dollar since the end of World War II. It explains how the dollar became a global currency due to a sudden burst of trust in the U.S. economic system and its use as a requisite in international transactions. Moreover, gold coins and the gold standard also worked to help international trade and finance remain stable until the disruptions of World War I and the changes that followed in the global economic environment. It follows the historical development of the currency and reveals the foundational aspects on whose basis modern financial systems were laid, together with the lasting effects gold and the U.S. dollar had on international economic activity.
Keywords Barter System, Gold Standard, Reserve Currency, World War, Pound Sterling, Bretton Woods, Dollar Dominance
Field Sociology > Economics
Published In Volume 6, Issue 4, July-August 2024
Published On 2024-07-27
Cite This Evolution of Currency: from Historical Shifts and Global Economic Impact - Dhruv Ghoshal, Ayush Tyagi, Naresh Suyunari, Karthikey Joshi - IJFMR Volume 6, Issue 4, July-August 2024.
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