Golden weapons and golden fetters: From the gold standard to the new geopolitics
Journal: The Economic History Review
Year: 2025

Abstract This paper explores the historical relationship between monetary regimes, security concerns, and geopolitical tensions, particularly focusing on the role of gold. Throughout history, monetary systems have been deeply intertwined with international state systems and security provisions. Credibility in monetary regimes is affected by security challenges, often resulting in major systemic restructuring. In the past, military spending and security considerations have often driven debt‐finan