Bullionism is an economic theory that emphasizes the importance of accumulating precious metals, such as gold and silver, as a way to increase a country’s wealth and power. The theory has its roots in mercantilism, the economic system that dominated Europe in the 16th and 17th centuries. In this article, we will explore the meaning, definitions, origins, associations, synonyms, antonyms, and example sentences of bullionism.
Definitions
Bullionism is an economic theory that advocates for a country to accumulate precious metals, such as gold and silver, to increase its wealth and power. It is also known as the “bullionist doctrine” or “metalism.” The term “bullion” refers to precious metals in the form of bars or coins that are used as a store of value or as a medium of exchange.
Origin
Bullionism emerged in the 16th and 17th centuries as a response to the growing trade between European countries and their colonies. At the time, countries believed that their wealth and power were determined by the amount of precious metals they possessed. Bullionism was a key component of mercantilism, the economic system that dominated Europe during this period.
Meaning in different dictionaries
The following are some definitions of bullionism from different dictionaries:
- Oxford English Dictionary: “The economic doctrine that a country’s wealth and power depend on its possession of a large stock of precious metals, especially gold and silver, and that a favourable balance of trade is necessary to achieve this.”
- Merriam-Webster Dictionary: “The theory or practice of a national economy based on the accumulation of gold and silver as wealth and the use of exports to achieve a favorable balance of trade.”
- Dictionary.com: “The theory or practice of a national economy based on the accumulation of gold and silver as wealth and the use of exports to achieve a favorable balance of trade.”
Associations
Bullionism is often associated with mercantilism, protectionism, and imperialism. It was a key component of the economic policies of European countries during the Age of Exploration, as they sought to establish colonies and control trade routes to increase their wealth and power.
Synonyms
Some synonyms of bullionism include:
- Metalism.
- Monetaryism.
- Specieism.
- Gold standard.
Antonyms
Some antonyms of bullionism include:
- Fiat money.
- Paper money.
- Credit-based system.
The same root words
Some words that share the same root as bullionism include:
- Bullion: Precious metals in the form of bars or coins that are used as a store of value or as a medium of exchange.
- Bullionist: A person who advocates for bullionism.
- Metal: A solid material that is typically hard, shiny, malleable, and ductile, and conducts heat and electricity well.
Example Sentences
- The bullionist doctrine was a key component of mercantilism, the economic system that dominated Europe in the 16th and 17th centuries.
- Some economists argue that bullionism is an outdated theory that fails to account for the complexities of modern global trade.
- The Spanish Empire’s bullionist policies helped it become one of the wealthiest and most powerful countries in the world during the 16th century.
- The gold standard was a form of bullionism that tied a country’s currency to the value of gold.
- Some critics of bullionism argue that it can lead to hoarding of precious metals and restrict economic growth.
Bullionism is an economic theory that emphasizes the importance of accumulating precious metals, such as gold and silver, as a way to increase a country’s wealth and power. It has its roots in mercantilism, the economic system that dominated Europe in the 16th and 17th centuries. While bullionism is no longer the dominant economic theory, it has had a significant impact on the development of global trade and the accumulation of wealth and power by nations.