Most Western countries were on the gold standard for currency exchange rates from 1876 until 1914. Today we have several different exchange rate regimes in use, but most large economy nations have freely floating exchange rates today and are not obligated to convert their currency into a predetermined amount of gold on demand. Today several parties still call for the "good old days" and a return to the gold standard and also the Bretton Woods. Explain the gold standard and the Bretton Woods systems and develop argument as to why this is a good idea. (300 words)