Commodity Money System
A commodity money system is a monetary system such as the gold standard in which a commodity such as gold is made the unit of value and physically used as money, any other money, such as paper notes, being theoretically convertible to it on demand. An historical alternative which was rejected in the Twentieth Century was bimetallism, also called the "double standard", under which both gold and silver were legal tender.
Read more about this topic: Monetary System
Famous quotes containing the words commodity, money and/or system:
“If mass communications blend together harmoniously, and often unnoticeably, art, politics, religion, and philosophy with commercials, they bring these realms of culture to their common denominator—the commodity form. The music of the soul is also the music of salesmanship. Exchange value, not truth value, counts.”
—Herbert Marcuse (1898–1979)
“A real gentleman, even if he loses everything he owns, must show no emotion. Money must be so far beneath a gentleman that it is hardly worth troubling about.”
—Feodor Dostoyevsky (1821–1881)
“An avant-garde man is like an enemy inside a city he is bent on destroying, against which he rebels; for like any system of government, an established form of expression is also a form of oppression. The avant-garde man is the opponent of an existing system.”
—Eugène Ionesco (b. 1912)