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:
“Savages cling to a local god of one tribe or town. The broad ethics of Jesus were quickly narrowed to village theologies, which preach an election or favoritism.”
—Ralph Waldo Emerson (1803–1882)
“No one ever promised me it would be easy and it’s not. But I also get many rewards from seeing my children grow, make strong decisions for themselves, and set out on their own as independent, strong, likeable human beings. And I like who I am becoming, too. Having teenagers has made me more human, more flexible, more humble, more questioning—and, finally it’s given me a better sense of humor!”
—Anonymous Father. Ourselves and Our Children, by Boston Women’s Health Book Collective, ch. 4 (1978)
“Here the term ‘language-game’ is meant to bring into prominence the fact that the speaking of language is part of an activity, of a form of life.”
—Ludwig Wittgenstein (1889–1951)