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In economics, a policy in which the [authorities] insist on some permanent, precise guarantee of the value of the local currency to some other thing: a unit measure of gold, the US dollar, the euro, or the pound. [Historically], the US dollar had a hard peg to gold from 1946 to 1971, while other currencies in the developed world had a hard peg to the US dollar. Since 1971, most of the world's money is in [floating currency] (whose relative value is set by the free market).
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