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:
“Lord, thy most pointed pleasure take
And stab my spirit broad awake;
Or, Lord, if too obdurate I,
Choose thou, before that spirit die,
A piercing pain, a killing sin,
And to my dead heart run them in!”
—Robert Louis Stevenson (1850–1894)
“Our sense of these things changes and they change,
Not as in metaphor, but in our sense
Of them. So sense exceeds all metaphor.
It exceeds the heavy changes of the light.
It is like a flow of meanings with no speech
And of as many meanings as of men.”
—Wallace Stevens (1879–1955)
“A radical is one of whom people say “He goes too far.” A conservative, on the other hand, is one who “doesn’t go far enough.” Then there is the reactionary, “one who doesn’t go at all.” All these terms are more or less objectionable, wherefore we have coined the term “progressive.” I should say that a progressive is one who insists upon recognizing new facts as they present themselves—one who adjusts legislation to these new facts.”
—Woodrow Wilson (1856–1924)