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:
“For things to have value in man’s world, they are given the role of commodities. Among man’s oldest and most constant commodity is woman.”
—Ana Castillo (b. 1953)
“... there is something quixotic in me about money, something meek and guilty. I want it and like it. But I cannot imagine insisting on it, pressing it out of people. I always vaguely feel: why should I have money when other people have it not? It is like taking the biggest piece of cake. And I can never feel that I have earned it.”
—Brenda Ueland (1891–1985)
“We are now going through a period of demolition. In morals, in social life, in politics, in medicine, and in religion there is a universal upturning of foundations. But the day of reconstruction seems to be looming, and now the grand question is: Are there any sure and universal principles that will evolve a harmonious system in which we shall all agree?”
—Catherine E. Beecher (1800–1878)