All national governments agreed to abide by the "rules of the game" under the gold standard. The defense of a fixed exchange rate was required.
A monetary system known as the "gold standard" links a currency's value directly to gold. As a result, the money is guaranteed by the government and can be exchanged for a specific amount of gold. A fixed exchange rate helps to ensure the smooth flow of money from one country to another.
Gold standard means, The amount of gold that a nation's central bank or treasury kept constituted the upper limit on its money supply. Any change in its gold holdings had to be accompanied by an equal adjustment in the number of outstanding local currency units.
According to the "rules of the game," nations that lost gold were required to raise interest rates and reduce their money supply, while nations that gained gold were required to lower interest rates.
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The man who landed in the Caribbean was known as Christopher Columbus.
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Karl Marx argued in favor of communist ideas.
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- According to Karl Marx, it was important to have an equal (not equitable) distribution of resources in order to establish an equilibrium in the distribution of the wealth among the people in society.
- He advocated that private ownership of resources should be restricted and the ownership of all the resources should given into the hands of the community.
- He believed that a specific class should not be allowed to grow at the cost of others well-being.
I believe that this situation represents the concept of challenge in the cognitive appraisal process.
Cognitive appraisal a theory of emotion that involves personal interpretations of people in an event to determine their emotional reaction. The most important part of this theory is the way we interpret the event (as a positive or negative occurrence), as well as what we believe caused the situation. Challenge is experienced when there is an opportunity for self-growth with available coping strategies, whereas threat is experienced when the situation is perceived as leading to failure with no available strategies to cope with it. We hypothesized that participants who appraised the situation as a challenge would perform better and adapt better to changes under difficult goal conditions, as compared with general goals or strategy goals.
