Definitions for Metallism
met·allism

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1. metallismnoun

   Any economic system based on the value of metals (especially gold or silver).

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1. 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 in a metallist monetary system may be made from the commodity itself (commodity money) or it may use tokens (such as national banknotes) redeemable in that commodity. Georg Friedrich Knapp (1842–1926) coined the term "metallism" 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 (1840–1921) theorized that 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, independently of any sovereign state. Metallists view the state's role in the minting or official stamping of coins as one of authenticating the quality and quantity of metal used in making the coin. Knapp distinguished metallism from chartalism (or antimetallism), a monetary system in which the state has monopoly power over its own currency and creates a unique market and demand for that currency by imposing taxes or other such legally enforceable debts upon its people which they can only pay by using that currency. Joseph Schumpeter (1883–1950) distinguished between "theoretical" and "practical" metallism. Schumpeter categorized the Menger position, that a commodity link is essential to understanding the origins and nature of money, as "theoretical metallism". He defined "practical metallism" as the theory that although a sovereign state has unfettered power to create non-backed currencies (money with no intrinsic or redeemable commodity value), it is more prudent to adopt a backed currency system.

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1. Metallism

   Metallism is the economic principle that money derives its value 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 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. Karl 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. Metallists view the state's role in the minting or official stamping of coins as one of authenticating the quality and quantity of metal used in making the coin. Knapp distinguished metallism from chartalism, a monetary system in which the state has monopoly power over its own currency and creates a unique market and demand for that currency by imposing taxes or other such legally enforceable debts upon its people which can only be paid in that currency.

Anagrams for Metallism »

1. small time

2. small-time

3. smalltime

How to pronounce Metallism?

1. Alex

   US English

   David

   US English

   Mark

   US English

   Daniel

   British

   Libby

   British

   Mia

   British

   Karen

   Australian

   Hayley

   Australian

   Natasha

   Australian

   Veena

   Indian

   Priya

   Indian

   Neerja

   Indian

   Zira

   US English

   Oliver

   British

   Wendy

   British

   Fred

   US English

   Tessa

   South African

How to say Metallism in sign language?

Numerology

1. Chaldean Numerology

   The numerical value of Metallism in Chaldean Numerology is: 1

2. Pythagorean Numerology

   The numerical value of Metallism in Pythagorean Numerology is: 5

References

1. ^ Wiktionary
   https://en.wiktionary.org/wiki/Metallism
2. ^ Wikipedia
   https://en.wikipedia.org/wiki/Metallism
3. ^ Wikidata
   https://www.wikidata.org/w/index.php?search=Metallism