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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Frances, like most people in her culture, avoids making eye contact with strangers. A conventionalist would call the action of making eye contact with strangers <u>impermissible.</u>
Conventionalists adhere to a belief that the principles and values, moral rules, social expectations and etiquette, are a creation of human society and therefore not immutable or universal; rather, they are specific to a particular culture.
For example, the prohibition against murder or stealing are not universal laws, applicable to all societies, but are created over time through agreements -implicit or explicit- between members of society.
Where making eye contact with strangers is against the norm, a conventionalist would argue that it is impermissible to commit that particular action.
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southwestern part of the United States
California, Nevada, Wyoming, Utah, Colorado, New Mexico, and Arizona
