To date, the international currencythe system is a complex, dynamically developing and transforming system. Naturally, the main countries that give this or that vector that determines the development of the world monetary system are countries with developed economies. This is not surprising, since it is this block of players in all markets of the world that has a principal advantage in gold and currency potential.
It should be noted that the evolution of the worldThe monetary system includes four full stages, which are based on four different international systems of currency relations. The first stage of development, more precisely, the stage of formation, was a system of the so-called gold standard. Under this system, any currency that had circulation in the domestic market (most countries) could be safely transferred to gold. Such relations have emerged quite spontaneously, and it happened about the very end of the 19th century. It is clear that all stages of the development of the world monetary system, including the gold standard, had their own specific features. In the case under consideration this is: every currency unit has its own specific content in the gold equivalent; convertibility of currency into gold took place, both inside the state and outside it; the formation of a clear correlation between the country's gold reserves and the corresponding monetary turnover. Such stages in the development of the world monetary system implied a fixed rate. It is worth noting that the fixed rate over time with the development of economic relations lost meaning and was replaced by a system of communication courses.
The second stage that the evolution of the worldcurrency system, became the gold standard. The essence of this system is reduced to the possibility of currency exchange for so-called slogans, that is checks, bills of exchange, banknotes of other countries, which, in turn, can be exchanged directly for gold. This stage, which continued the further development of the world monetary system, was adopted by the world community at the Genoa Conference, held in 1922. As you know, the British pound and, of course, the US dollar were presented for the role of the motto in this period. It is from then on that the dominance of these currencies in world markets began.
The next stage, which was the evolution of the worldcurrency system, became familiar to us gold and currency standard. This system was formed under pressure of dynamically changing conditions of functioning of the world economy in the period of the 30s - 50s of the last century. It is worth noting that, in principle, de jure, this system was legalized in 1944 in the American Bretton Woods. In this case, monetary currencies were exchanged directly, without the participation of gold, which became a fundamentally distinctive feature of this organization of world currency relations. It should be noted that gold at the moment of development, like in the previous stages of the development of the world monetary system, has retained its function of priority and final settlements between different states.
A number of world crises, especially energy1974, finally and irrevocably discredited the Bretton Woods system. In 1976, the evolution of the world monetary system moved to its final stage, at least at the present stage of development. A distinctive feature of this phase was the abolition of the function of gold as a monetary unit. It has become in some way an ordinary commodity, however, very liquid. Among other things, at that moment a system of the so-called floating exchange rate was formed, which we see today.