Money

Chartalism and Metallism are two very important theories with factual components about money. This has to do with where money gets its intrinsic value. Think about the definitions and how they might come through today from the point of view of one faction of the political scene that emphasizes austerity and a reduction in the role of government and the other faction which allows for credit, expansion, and a beneficial role to government.

Definition of 'Chartalism' - A non-mainstream theory of money that emphasizes the impact of government policies and activities on the value of money. The early-20th-century German economist Georg Friedrich Knapp first developed the theory of chartalism, which defines money as a unit of account with value that is determined by what the government will accept as payment for tax obligations. In other words, chartalism states that money does not have intrinsic value, but is given value by the government.

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. Karl Menger theorized 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, not a 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 can only be paid in that currency.

Recapping and in brief:
Chartalism - the state's authority creates value of money.
Metallism - the value of the money is in the money itself - think gold, think non state.