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:
“The broad masses of a population are more amenable to the appeal of rhetoric than to any other force.”
—Adolf Hitler (1889–1945)
“There is, indeed a more mitigated scepticism or academical philosophy, which may be both durable and useful, and which may, in part, be the result of this Pyrrhonism, or excessive scepticism, when its undistinguished doubts are corrected by common sense and reflection.”
—David Hume (1711–1776)
“I expect to maintain this contest until successful, or till I die, or am conquered, or my term expires, or Congress or the country forsakes me.”
—Abraham Lincoln (1809–1865)