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Yes

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The question is superfluous because it has been answered throughout our history.

The GOLD STANDARD was a case of a single global currency, which was GOLD. It is no coincident that gold standard was associated with the 'golden age of globalization.'

With far less developed means of transportation and communication, if the world was as globalized at the beginning of twentieth century, as it is today, then the sole credit for that goes to the fact that in the form of 'gold' the world dealt in a single global currency. The positive impact of single currency was enough to negate the impact of larger costs and even risk and danger of travel & transport, and make the world a single global market.

There is just no reason why the same can not happen again today.

HISTORY OF SINGLE CURRENCY : GOLD

For those who might not be aware, 'gold standard' was the age of automatic correction of trade imbalances, which is the primary insurance of the sustainability of global trade, and one of the main reasons for its flourishing during an era where transport was still slow, and Internet was unheard of.

Decades later, the BRETTON WOODS SYSTEM was established in the 1950s and 1960s, where the U.S. dollar WAS A GLOBAL CURRENCY, even though other currencies that could be exchanged with dollar at a fixed rate, also existed locally within countries. In fact, since the dollar was also attached to gold, the whole system was in many ways very similar to the 'gold standard' system.

THEN & NOW : CAN A SINGLE CURRENCY STILL WORK

You may want to ask as to whether gold standard is comparable to the current era of fiat currencies.

Actually, they are comparable. The fiat currencies of the twenty first century are based on the potential of the respective central banks and their solvency. The credibility of these central banks can be achieved by two ways:

- either by having a stock of gold, as was the practice in the gold standard era, and till the Bretton Woods system collapsed in early 1970s,

- or, by having a resolute economical order that can be depended upon by all participants, as is the case today.

Today, gold is not the best choice for single global currency, because of many reasons - limited stock and availability, fluctuating value and weight and storage problems. Instead, combined credibility and backing of most central banks together would be a far more stable, reliable, secure and convenient option. A single global fiat currency backed up by the most of the important central banks of the world

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