The most productive period per annum in the history of mankind was 1871-1913, the time of the gold standard. (Disagree?)
- Money supply was not only bullion, it was augmented with
real bills. (Real bills can be implemented with bitcoin, if bitcoin is the quote currency.)
- Debt was kept in check by the natural mechanism as debt was not money, only bullion was (and real bills acted as money without strictly being that).
Actually, it all started in the early 19th centrury and primarily was due to technological advances (electricity, chemistry, railways, etc)