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Metallism
Metallism is the economic principle that the Value (economics) , 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 representative money, 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 economy , 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 sy ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Commodity Money
Commodity money is money whose value comes from a commodity of which it is made. Commodity money consists of objects having value or use in themselves ( intrinsic value) as well as their value in buying goods. This is in contrast to representative money, which has no intrinsic value but represents something of value such as gold or silver, for which it can be exchanged, and fiat money, which derives its value from having been established as money by government regulation. Examples of commodities that have been used as media of exchange include precious metals and stones, grain, animal parts (such as beaver pelts), tobacco, fuel, and others. Sometimes several types of commodity money were used together, with fixed relative values, in various commodity valuation or price system economies. Aspects Commodity money is to be distinguished from representative money, which is a certificate or token which can be exchanged for the underlying commodity, but only by a formal process ... [...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 Exchange rate, 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 Mint (facility), 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 monies 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 monies in western Europe from the 13th to 18th centuries). Economists also distinguish ''legal'' bimeta ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Representative Money
Representative money or receipt money is any medium of exchange, physical or digital, that represents something of Value (economics), value, but has little or no value of its own (intrinsic value (finance), intrinsic value). Unlike some forms of fiat money (which may have no commodity backing), genuine representative money must have something of intrinsic value supporting the face value. More specifically, the term ''representative money'' has been used variously to mean: * A claim on a commodity, for example gold certificate, gold and silver certificates.Robert A. MundellThe Birth of Coinage Discussion Paper #:0102-08, Department of Economics, Columbia University, February 2002.William Howard Steiner, ''Money and banking''p. 30 H. Holt and company, 1941. In this sense it may be called "Monetary system#Commodity-backed money, commodity-backed money". * Any type of money that has face value greater than its value as material substance. Used in this sense, most types of fiat money ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Chartalism
In macroeconomics, chartalism is the theory of money 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 Georg 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 the state could cr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Roman Empire
The Roman Empire ruled the Mediterranean and much of Europe, Western Asia and North Africa. The Roman people, Romans conquered most of this during the Roman Republic, Republic, and it was ruled by emperors following Octavian's assumption of effective sole rule in 27 BC. The Western Roman Empire, western empire collapsed in 476 AD, but the Byzantine Empire, eastern empire lasted until the fall of Constantinople in 1453. By 100 BC, the city of Rome had expanded its rule from the Italian peninsula to most of the Mediterranean Sea, Mediterranean and beyond. However, it was severely destabilised by List of Roman civil wars and revolts, civil wars and political conflicts, which culminated in the Wars of Augustus, victory of Octavian over Mark Antony and Cleopatra at the Battle of Actium in 31 BC, and the subsequent conquest of the Ptolemaic Kingdom in Egypt. In 27 BC, the Roman Senate granted Octavian overarching military power () and the new title of ''Augustus (title), Augustus'' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fiat Money
Fiat money is a type of government-issued currency that is not backed by a precious metal, such as gold or silver, nor by any other tangible asset or commodity. Fiat currency is typically designated by the issuing government to be legal tender, and is authorized by government regulation. Since the end of the Bretton Woods system in 1976 by the Jamaica Accords, the major currencies in the world are fiat money. Fiat money generally does not have intrinsic value and does not have use value. It has value only because the individuals who use it as a unit of account or, in the case of currency, a medium of exchange agree on its value. They trust that it will be accepted by merchants and other people as a means of payment for liabilities. Fiat money is an alternative to commodity money, which is a currency that has intrinsic value because it contains, for example, a precious metal such as gold or silver which is embedded in the coin. Fiat also differs from representative mone ... [...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 Aesthetics (also spelled esthetics) is the branch of philosophy concerned with the nature of beauty and taste (sociology), taste, which in a broad sense incorporates the philosophy of art.Slater, B. H.Aesthetics ''Internet Encyclopedia of Ph ...). All major normative ethical theories identify something as being intrinsically valuable. For insta ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
State (polity)
A state is a politics, political entity that regulates society and the population within a definite territory. Government is considered to form the fundamental apparatus of contemporary states. A country often has a single state, with various administrative divisions. A state may be a unitary state or some type of federation, federal union; in the latter type, the term "state" is sometimes used to refer to the federated state, federated polities that make up the federation, and they may have some of the attributes of a sovereign state, except being under their federation and without the same capacity to act internationally. (Other terms that are used in such federal systems may include "province", "Region#Administrative regions, region" or other terms.) For most of prehistory, people lived in stateless societies. The earliest forms of states arose about 5,500 years ago. Over time societies became more Social stratification, stratified and developed institutions leading to Centra ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Augustus
Gaius Julius Caesar Augustus (born Gaius Octavius; 23 September 63 BC – 19 August AD 14), also known as Octavian (), was the founder of the Roman Empire, who reigned as the first Roman emperor from 27 BC until his death in AD 14. The reign of Augustus initiated an Roman imperial cult, imperial cult and an era of regional hegemony, imperial peace (the or ) in which the Roman world was largely free of armed conflict. The Principate system of government was established during his reign and lasted until the Crisis of the Third Century. Octavian was born into an equites, equestrian branch of the plebeian Octavia gens, Octavia. Following his maternal great-uncle Julius Caesar's assassination of Julius Caesar, assassination in 44 BC, Octavian was named in Caesar's will as his Adoption in ancient Rome, adopted son and heir, and inherited Caesar's name, estate, and the loyalty of his legions. He, Mark Antony, and Marcus Lepidus formed the Second Triumvirat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Charlemagne Denier Mayence 812 814
Charlemagne ( ; 2 April 748 – 28 January 814) was King of the Franks from 768, King of the Lombards from 774, and Emperor of what is now known as the Carolingian Empire from 800, holding these titles until his death in 814. He united most of Western and Central Europe, and was the first recognised emperor to rule from the west after the fall of the Western Roman Empire approximately three centuries earlier. Charlemagne's reign was marked by political and social changes that had lasting influence on Europe throughout the Middle Ages. A member of the Frankish Carolingian dynasty, Charlemagne was the eldest son of Pepin the Short and Bertrada of Laon. With his brother, Carloman I, he became king of the Franks in 768 following Pepin's death and became the sole ruler three years later. Charlemagne continued his father's policy of protecting the papacy and became its chief defender, removing the Lombards from power in northern Italy in 774. His reign saw a period of expansion ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
