markitect-main/examples/infospace-with-history/output/entities/universal-instruments-of-commerce.md

Universal Instruments of Commerce

Definition

Precious metals that serve as the most efficient medium for international trade due to their universal acceptance, small bulk relative to value, and stability of value during transportation. These characteristics make gold and silver superior to other commodities for facilitating foreign trade.

Source Chapter

Book IV, Chapter 6

Context

Smith explains why gold and silver have become the preferred medium for international commerce. Their universal acceptance and transportability make them more efficient than other commodities for facilitating the round-about foreign trades that characterize international commerce.

Economic Domain

Exchange

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