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:
“I hardly know an intellectual man, even, who is so broad and truly liberal that you can think aloud in his society. Most with whom you endeavor to talk soon come to a stand against some institution in which they appear to hold stock,—that is, some particular, not universal, way of viewing things. They will continually thrust their own low roof, with its narrow skylight, between you and the sky, when it is the unobstructed heavens you would view.”
—Henry David Thoreau (1817–1862)
“The reason why most women have so little sense of friendship is that this is but a cold and flat passion to those that have felt that of love.”
—François, Duc De La Rochefoucauld (1613–1680)
“In eloquence, the great triumphs of the art are when the orator is lifted above himself; when consciously he makes himself the mere tongue of the occasion and the hour, and says what cannot but be said. Hence the term abandonment, to describe the self-surrender of the orator.”
—Ralph Waldo Emerson (1803–1882)