Q&A · 1:38:41-1:39:18

Could imperial gold production support Britain's monetary policy?

A large imperial share of gold production is judged insufficient to let Britain dictate the market.

Question

How much of world gold production did the British Empire control?

Short answer

A large share, with no percentage given, but insufficient in this assessment to let Britain dictate the gold market.

Notes

The British Empire is said to control a substantial share of gold production, with South Africa among the examples. No percentage is supplied. The answer argues that this still gave Britain insufficient control to dictate the market and points to strains in the gold standard before 1914.