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metallism
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There are 9 letters in METALLISM ( A1E1I1L1M3S1T1 )
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Definitions of metallism in various dictionaries:
METALLISM - Metallism is the economic principle that the value of money derives from the purchasing power of the commodity upon which it is based. The currency ...
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| Possible Dictionary Clues |
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| Any economic system based on the value of metals (especially gold or silver). |
| Metallism description |
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| Metallism is the economic principle that the value of money derives from the purchasing power of the commodity upon which it is based. The currency in a metallist monetary system may be made from the commodity itself (commodity money) or use tokens such as national banknotes redeemable in that commodity. The term was coined by Georg Friedrich Knapp to describe monetary systems using coin minted in silver, gold or other metals.In metallist economic theory, the value of the currency derives from the market value of the commodity upon which it is based independent of its monetary role. Carl Menger theorized money came about when buyers and sellers in a market agreed on a common commodity as a medium of exchange in order to reduce the costs of barter. The intrinsic value of that commodity must be sufficient to make it highly saleable, or readily accepted as payment. In this system, buyers and sellers of real goods and services establish the medium of exchange, not a sovereign state. Meta |