At this point it should be clear that no government involvement is needed in creating technological standards.

Cooperation within the market to the benefit of all occurs as smoothly as competition. The term “industry” as “a distinct group of productive or profit-making enterprises” therefore has a technical aspect: all the ways in which the various machines produced by the firms in the industry interoperate.

That includes coining money. The “gold standard” is a universal custom generated privately by the market, that is, by human action (i.e., of individuals acting in their own pecuniary interest as buyers and sellers of goods and services) not human design (i.e., by an armchair economist-philosopher of social institutions or government).

This gold standard precedes any national currency or fiduciary media.

Other meanings, such as a state of affairs in which government paper money is redeemable in gold, are strictly derivative and must be used with care.

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