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February 24, 2024 

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SECOND BANK OF THE UNITED STATES: The second attempt by the United States to created a central bank. The second bank was established in 1816 and when defunct in 1836, when it lost a political battle with President Andrew Jackson. The United States did not seek another central bank until the Federal Reserve System was established in 1913.

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GOLD STANDARD: Use of gold as the standard for valuing a nation's currency. A gold standard can take at least three different forms, most of which have been part of the American economic landscape. (1) Gold is used as the money in circulation. (2) Gold is used to back up paper money in circulation. This involves the use of something like a gold certificate, such that the number of certificates in circulation is the same as the amount of gold stored someplace like Fort Knox. (3) Gold is used to fix the exchange price of paper currency in circulation. In this case, the currency could, in principle, be exchanged for some predetermined amount of gold. In other words, the price of gold is fixed in terms of dollars.

     See also | money | gold certificate | currency | Federal Reserve System |


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FREE TRADE AREAS

A group of nations that have agreed to eliminate (or at least minimize) trade barriers -- especially tariffs, import quotas, and assorted regulatory non-tariff barriers -- within the group to encourage mutual trade. Free trade areas are usually contiguous or adjacent nations, often located on the same continent. Three noted free trade areas are comprised of nations located in North America, Europe, and Asia.

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Today, you are likely to spend a great deal of time looking for a downtown retail store looking to buy either 500 feet of telephone cable or a package of 4 by 6 index cards, the ones with lines. Be on the lookout for a thesaurus filled with typos.
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A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
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Journal of Financial Economics
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