For about four-fifths of the time included in the 30 years of gold-standard history reviewed in this chapter, most of the world was on a paper-money standard. The only two important nations that stand as exceptions to this statement are China, in which the silver standard ruled for about two-thirds of the time and the paper-money standard for the other third, and the United States, in which the gold standard prevailed for about 90 per cent of the time.
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