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.[1]
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.[2]
^
von Mises, Ludwig (2009) [1953]. The Theory of Money and Credit. Translated by Batson, Harold Edward (reprint ed.). Auburn, Alabama: Ludwig von Mises Institute. p. 473. ISBN 9781610163224. Retrieved 16 November 2020. First of all, there is the use of the term 'metallism'. The expression comes from Knapp.
^
Ramón Tortajada (1999). The Economics of James Steuart. Routledge., p. 187.
understanding the origins and nature of money, as "theoretical metallism". He defined "practical metallism" as the theory that although a sovereign state has unfettered...
IG Metall (German: [iːɡeː meˈtal] ; IGM; German: Industriegewerkschaft Metall, "Industrial Union of Metalworkers'") is the dominant metalworkers' union...
Industrifacket Metall (IF Metall) is a trade union in Sweden. It was formed in a 2006 merger between the Swedish Industrial Union (Industrifacket) and...
Diehl Metall is a corporate division of the Diehl Stiftung & Co. KG, a worldwide operating industrial group with its head office in Röthenbach an der Pegnitz...
Stena Metall AB is a company in the recycling industry that is also engaged in smelting metals, including aluminum. The recycled material is sold to various...
Schumpeter describes metallism as the other of "two fundamental theories of money", saying the first known advocate of metallism was Aristotle. The earliest...
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...
The Metall Zug Group is a Swiss industrial holding company headquartered in Zug, Switzerland which was founded in 1887. Shares of the company are traded...
AMAG (Austria Metall AG) is the biggest company in the Austrian Aluminium industry sector. It is situated in the village of Ranshofen, which is in Braunau...
Silver standard Gresham's law Metallism Political interpretations of The Wonderful Wizard of Oz Formerly also written bi-metallism. For example, Charles Kindleberger...
Acta Materialia is a peer-reviewed scientific journal published twenty times per year by Elsevier on behalf of Acta Materialia Inc. The editor-in-chief...
certificates of 1878–1963 The silver standard is also sometimes known as silver metallism and silver monometallism. "MESOPOTAMIAN ECONOMICS AND MONEY | Facts and...
Scripta Materialia is a peer-reviewed scientific journal. It is the "letters" section of Acta Materialia and covers novel properties, or substantially...
down the 25 kilometres (16 mi) to the port at Thamshavn. In 1931 Orkla Metall was opened, officially owned by the subsidiary Chr. Salvesen & Chr. Thams's...
deoxygenation of the alpha case on titanium and alloys in molten calcium chloride". Metall. Mater. Trans. B. 32 (6): 1041. doi:10.1007/s11663-001-0093-8. S2CID 95616531...
that would be based on the combined use of gold and silver called joint metallism. This came at a period of financial difficulties when there were calls...
Scientific Research Publishing (SCIRP) is a predatory academic publisher of open-access electronic journals, conference proceedings, and scientific anthologies...
contrasted his state theory of money with the Gold Standard view of "metallism", where the value of a unit of currency depends on the quantity of precious...
business-friendly labour association which competes against the trade union IG Metall. He was released on bail. Offices of AUB and Siemens were searched. Siemens...
The Historical Metallurgy Society is a British learned society providing an international forum for exchange of information and research in historical...
Science Publishing Group (SPG) is an open-access publisher of academic journals and books established in 2012. It has an address in New York City and many...
companies in the world and Germany. The role that Works Councils and IG Metall play is unique even within Germany. VW workers have some of the strongest...
Council, while refusing to sign a collective agreement with IG Metall. In January 2023, IG Metall called for an investigation into Tesla over allegations of...
letter written by Lord Liverpool in 1805 extolling the virtues of mono-metallism. Following the First War of Independence in 1857, the British government...
Global Information