Broad Sense of The Term
In the broad sense of the term, which tends to be used only by scholars, metallism considers money to be a "creature of the market", a means to facilitate exchange of goods and services. In this broad sense, the essential nature of money is purchasing power, and it does not necessarily need to be backed by metals. Understood in this broad sense, metallism reflects the majority view among mainstream economists, which has prevailed since the early 19th century.
Read more about this topic: Metal As Money
Famous quotes containing the words broad, sense and/or term:
“In America the taint of sectarianism lies broad upon the land. Not content with acknowledging the supremacy as the Diety, and with erecting temples in his honor, where all can bow down with reverence, the pride and vanity of human reason enter into and pollute our worship, and the houses that should be of God and for God, alone, where he is to be honored with submissive faith, are too often merely schools of metaphysical and useless distinctions. The nation is sectarian, rather than Christian.”
—James Fenimore Cooper (1789–1851)
“Love is a great thing. It is not by chance that in all times and practically among all cultured peoples love in the general sense and the love of a man for his wife are both called love. If love is often cruel or destructive, the reasons lie not in love itself, but in the inequality between people.”
—Anton Pavlovich Chekhov (1860–1904)
“We term sleep a death ... by which we may be literally said to die daily; in fine, so like death, I dare not trust it without my prayers.”
—Thomas Browne (1605–1682)