Not without taking major care to catalogue all of the various causes of any given event, and find substantive reasons to apportion blame, you can't. More to the point, the way the gold standard worked was that whenever a nation needed to go to war, they'd suspend convertability (i.e., go off the gold standard) for the duration of the war, and then revive it afterward. That is part of the gold standard , properly understood - it doesn't allow governments to fund the level of expenditure demanded by war, and so it gets dropped in wartime and then picked up again afterwards. But the process of picking it back up afterwards can be long and wrenching. If you think that the gold standard will prevent wars, you're crazy. All that happens is that the gold standard gets dropped for the war, and then there's a ton of long, painful dislocation involved in getting back on it. That's how the gold standard always worked, and it's one of the big reasons why it was done away with. There was never any possibility that governments would stick to the gold standard and forgo the ability to finance wars - they'd end up defeated and occupied if they tried that.