However, he never uses the term gold-exchange standard
or some other means to convey this distinction in his text, particularly in his most critical passages.
Such a system was bound to collapse, as had the gold-exchange standard
Although they note that the interwar period was marked by a sharp increase in exchange controls, they fail to explain why: the interwar gold-exchange standard
was a house of cards that needed exchange-control props because postwar price levels remained too high for the prewar gold parities that central banks attempted to restore.