Saifedean Ammous in The Gold Standard: An Alternative History of the Twentieth Century presents a concise economic history of the twentieth century centered on the rise and fall of the gold standard and its impact on global monetary stability. Saifedean Ammous explains how the gold standard constrained governments, limited inflation, and encouraged long-term capital accumulation, while its gradual abandonment enabled excessive debt, currency debasement, and financial instability. The book frames gold as a neutral, market-chosen money that shaped international trade, disciplined fiscal policy, and supported sustainable economic growth throughout much of modern history.

In the second part, Saifedean Ammous argues that the collapse of the gold standard fundamentally altered the global financial system, giving central banks unprecedented power over money creation and interest rates. Saifedean Ammous links major economic crises of the twentieth century to fiat monetary policies, highlighting how political incentives replaced sound money principles. The book positions the gold standard as a critical reference point for understanding inflation, monetary policy, and the long-term consequences of abandoning hard money in modern economic history¹.