Gold-standard advocates lost the internal monetary debate to floating-rate advocates

Evidence

The controversy pitted the proponents of the gold standard led by Ludwig von Mises, Wilhelm Röpke, and F. A. Hayek against advocates of floating exchange rates, most saliently Milton Friedman, Fritz Machlup, and Gottfried Haberler. The advocates of flexible exchange rates eventually prevailed. — Dieter Plehwe, Quinn Slobodian & Philip Mirowski (eds.), Nine Lives of Neoliberalism, 411

Categorization

• XREF: Hayek on the gold-standard side while Friedman backs floating rates complicates the usual map of ‘their’ position — connects to any general reading of the Austrian school vs. Chicago school split. — connects to: The gold standard’s wage flexibility presupposed excluding democratic labor from politics — Mark Blyth, Austerity: The History of a Dangerous…, 492; The IMF lost its original mission when the US ended gold convertibility in 1971 — Mark Blyth, Austerity: The History of a Dangerous…, 437; Early neoliberals favored the gold standard and opposed floating rates — Dieter Plehwe, Quinn Slobodian & Philip Mirowski (eds.), Nine Lives of Neoliberalism, 428 (+2 more)
• DEFINE: Establishes the specific fault line within organized neoliberalism: gold standard vs. flexible exchange rates, with named protagonists on each side.

Broader Connections

• Early neoliberals favored the gold standard and opposed floating rates #contradicts (0.95) — Dieter Plehwe, Quinn Slobodian & Philip Mirowski (eds.), Nine Lives of Neoliberalism, 428
• Floating exchange rates were dismissed as law-breaking behavior until the 1960s #qualifies (0.75) — Dieter Plehwe, Quinn Slobodian & Philip Mirowski (eds.), Nine Lives of Neoliberalism, 427