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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 estab ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bimetallism
Bimetallism, also known as the bimetallic standard, is a monetary standard in which the value of the monetary unit is defined as equivalent to certain quantities of two metals, typically gold and silver, creating a fixed rate of exchange between them. For scholarly purposes, "proper" bimetallism is sometimes distinguished as permitting that both gold and silver money are legal tender in unlimited amounts and that gold and silver may be taken to be coined by the government mints in unlimited quantities. This distinguishes it from "limping standard" bimetallism, where both gold and silver are legal tender but only one is freely coined (e.g. the moneys of France, Germany, and the United States after 1873), and from "trade" bimetallism, where both metals are freely coined but only one is legal tender and the other is used as "trade money" (e.g. most moneys in western Europe from the 13th to 18th centuries). Economists also distinguish ''legal'' bimetallism, where the law guarant ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bimetallism
Bimetallism, also known as the bimetallic standard, is a monetary standard in which the value of the monetary unit is defined as equivalent to certain quantities of two metals, typically gold and silver, creating a fixed rate of exchange between them. For scholarly purposes, "proper" bimetallism is sometimes distinguished as permitting that both gold and silver money are legal tender in unlimited amounts and that gold and silver may be taken to be coined by the government mints in unlimited quantities. This distinguishes it from "limping standard" bimetallism, where both gold and silver are legal tender but only one is freely coined (e.g. the moneys of France, Germany, and the United States after 1873), and from "trade" bimetallism, where both metals are freely coined but only one is legal tender and the other is used as "trade money" (e.g. most moneys in western Europe from the 13th to 18th centuries). Economists also distinguish ''legal'' bimetallism, where the law guarant ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Monometallism
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 esta ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Chartalism
In macroeconomics, chartalism is a heterodox theory of money that argues that money originated historically with states' attempts to direct economic activity rather than as a spontaneous solution to the problems with barter or as a means with which to tokenize debt, and that fiat currency has value in exchange because of sovereign power to levy taxes on economic activity payable in the currency they issue. Background George Friedrich Knapp, a German economist, invented the term "chartalism" in his ''State Theory of Money'', which was published in German in 1905 and translated into English in 1924. The name derives from the Latin '' charta'', in the sense of a token or ticket. Knapp argued that "money is a creature of law" rather than a commodity. Knapp contrasted his state theory of money with " metallism", as embodied at the time in the gold standard, where the value of a unit of currency depended on the quantity of precious metal it contained or could be exchanged for. He argued ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Georg Friedrich Knapp
Georg Friedrich Knapp (; March 7, 1842 – February 20, 1926) was a German economist who in 1905 published ''The State Theory of Money'', which founded the chartalist school of monetary theory, which argues that money's value derives from its issuance by an institutional form of government rather than spontaneously through relations of exchange. Biography Knapp was born on March 7, 1842. His father was the acclaimed chemist Friedrich Ludwig Knapp. Knapp studied in Munich, Berlin and Göttingen, and in 1867 became director of the Statistical Bureau of Leipzig. In 1869 he was appointed assistant professor of economics and statistics in the University of Leipzig. In 1874 he was appointed a professor of political economy at the University of Strasbourg, where he remained until 1918. He was also rector at Strasbourg in 1891–1892 and 1907–1908. In 1886, he founded the periodical ''Abhandlungen aus dem staatswissenschaftlichen Seminar zu Strassburg''. Family Knapp was the fa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Currency
A currency, "in circulation", from la, currens, -entis, literally meaning "running" or "traversing" is a standardization of money in any form, in use or circulation as a medium of exchange, for example banknotes and coins. A more general definition is that a currency is a ''system of money'' in common use within a specific environment over time, especially for people in a nation state. Under this definition, the British Pound Sterling (£), euros (€), Japanese yen (¥), and U.S. dollars (US$)) are examples of (government-issued) fiat currencies. Currencies may act as stores of value and be traded between nations in foreign exchange markets, which determine the relative values of the different currencies. Currencies in this sense are either chosen by users or decreed by governments, and each type has limited boundaries of acceptance - i.e. legal tender laws may require a particular unit of account for payments to government agencies. Other definitions of the term "c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Money
Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular country or socio-economic context. The primary functions which distinguish money are as a medium of exchange, a unit of account, a store of value and sometimes, a standard of deferred payment. Money was historically an Emergence#Economics, emergent market phenomenon that possess intrinsic value as a Commodity money, commodity; nearly all contemporary money systems are based on unbacked fiat money without use value. Its value is consequently derived by social convention, having been declared by a government or regulatory entity to be legal tender; that is, it must be accepted as a form of payment within the boundaries of the country, for "all debts, public and private", in the case of the United States dollar. Contexts which erode public confidence, such as the circulation of counterfeit money or domestic hyperinflation, can ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Silver
Silver is a chemical element with the symbol Ag (from the Latin ', derived from the Proto-Indo-European ''h₂erǵ'': "shiny" or "white") and atomic number 47. A soft, white, lustrous transition metal, it exhibits the highest electrical conductivity, thermal conductivity, and reflectivity of any metal. The metal is found in the Earth's crust in the pure, free elemental form ("native silver"), as an alloy with gold and other metals, and in minerals such as argentite and chlorargyrite. Most silver is produced as a byproduct of copper, gold, lead, and zinc refining. Silver has long been valued as a precious metal. Silver metal is used in many bullion coins, sometimes alongside gold: while it is more abundant than gold, it is much less abundant as a native metal. Its purity is typically measured on a per-mille basis; a 94%-pure alloy is described as "0.940 fine". As one of the seven metals of antiquity, silver has had an enduring role in most human cultures. Oth ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Monetary System
A monetary system is a system by which a government provides money in a country's economy. Modern monetary systems usually consist of the national treasury, the mint, the central banks and commercial banks. Commodity money system A commodity money system is a monetary system in which a commodity such as gold or seashells is made the unit of value and physically used as money. The money retains its value because of its physical properties. In some cases, a government may stamp a metal coin with a face, value or mark that indicates its weight or asserts its purity, but the value remains the same even if the coin is melted down. Commodity-backed money One step away from commodity money is "commodity-backed money", also known as "representative money". Many currencies have consisted of bank-issued notes which have no inherent physical value, but which may be exchanged for a precious metal, such as gold. (This is known as the gold standard.) The silver standard was widespread ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bullionism
Bullionism is an economic theory that defines wealth by the amount of precious metals owned. Bullionism is an early or primitive form of mercantilism.{{Citation needed, date=October 2018 It was derived, during the 16th century, from the observation that the Kingdom of England, because of its large trade surplus, possessed large amounts of gold and silver—bullion—despite the fact that there was not any mining of precious metals in England. Examples of bullionists Thomas Milles (1550–1627) and others recommended that England increase exports to create a trade surplus, convert the surplus into precious metals, and hinder the drain of money and precious metal to other countries. England did restrict exportation of money or precious metals around 1600, but Milles wanted to resume using staple ports (ports where incoming foreign merchants were required to offer their goods for sale before anywhere else) to force merchants from abroad to use their assets to buy English goods and pre ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Intrinsic Value (ethics)
In ethics, intrinsic value is a property of anything that is valuable on its own. Intrinsic value is in contrast to instrumental value (also known as extrinsic value), which is a property of anything that derives its value from a relation to another intrinsically valuable thing. Intrinsic value is always something that an object has "in itself" or "for its own sake", and is an intrinsic property. An object with intrinsic value may be regarded as an end, or in Kantian terminology, as an end-in-itself. The term "intrinsic value" is used in axiology, a branch of philosophy that studies value (including both ethics and aesthetics). All major normative ethical theories identify something as being intrinsically valuable. For instance, for a virtue ethicist, eudaimonia (human flourishing, sometimes translated as "happiness") has intrinsic value, whereas things that bring you happiness (such as having a family) may be merely instrumentally valuable. Similarly, consequentialists may ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Language
Language is a structured system of communication. The structure of a language is its grammar and the free components are its vocabulary. Languages are the primary means by which humans communicate, and may be conveyed through a variety of methods, including spoken, sign, and written language. Many languages, including the most widely-spoken ones, have writing systems that enable sounds or signs to be recorded for later reactivation. Human language is highly variable between cultures and across time. Human languages have the properties of productivity and displacement, and rely on social convention and learning. Estimates of the number of human languages in the world vary between and . Precise estimates depend on an arbitrary distinction (dichotomy) established between languages and dialects. Natural languages are spoken, signed, or both; however, any language can be encoded into secondary media using auditory, visual, or tactile stimuli – for example, writ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
