We cannot do better than Marcello Cecco's (1984: 1) concise definition of an international gold standard: it exists ‘when gold is the effective numeraire in most countries, and/or when the other means of payment used as monetary numeraire in those countries are readily redeemable in gold at their bearers' request’. Such a standard existed from the mid-1890s to 1914, even though Britain went on the gold standard much earlier than that, in 1816, and Germany a little over a half century later, in 1871. The Latin Union in Europe (France, Belgium, Switzerland and Italy) did not join effectively until 1900 (Mertens 1994). Many claims were, and are still made for the system: that it facilitated international trade by providing a uniform standard of value; and as an automatic adjustment system, it freed markets from the (nationalistic) interference of public authorities while it created price equalisation in traded goods and ensured, over a protracted period, price stability.

The ‘Gold Standard’ in the title of this talk refers to the ‘academic gold standard’ invoked by Lord Ashby (1964; see also Austin 1980), one time Master of Clare College, Cambridge, a British educationist who was deeply involved with the development of universities in the later years of colonial rule in British West Africa. Although the University of the Witwatersrand and the city of Johannesburg owe a great deal to the gold industry, my talk is not about money or the metal's place in it. It is about the metaphorical ‘academic gold standard’.