Page "Gold standard" Paragraph 27

Ultimately, the system as it stood could not deal quickly enough with the large deficits and surpluses created in the balance of payments ; this has previously been attributed to increasing rigidity of wages ( particularly in terms of wage cuts ) brought about by the advent of unionized labor, but is now more likely thought of as an inherent fault with the system which came to light under the pressures of war and rapid technological change.

In any case, prices had not reached equilibrium by the time of the Great Depression, which served only to kill off the system completely.