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:
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