Currency relative values of the different currencies. Currencies in this sense are defined by governments, and each type has limited boundaries of acceptance. Other definitions of the term "currency" are discussed in their respective synonymous articles banknote, coin, and money. The latter definition, pertaining to the currency systems of nations, is the topic of this article. Currencies can be classified into two monetary systems: fiat money and commodity money, depending on what guarantees the value (the economy at large vs. the government's physical metal reserves). Some currencies are legal tender in certain political jurisdictions. Others are simply traded for their economic
What Is a Nation? today". At the current time, however, the existence of separate nations serves to guarantee liberty, in a way which would be lost if the whole world served under one law and one master. "Each brings one note to the great concert of humanity..." Renan gives Switzerland as a prime example of a nation established by volition (choice, will): Renan's argument was summarized in the German term "Willensnation" ("nation-by-volition"), used to describe the status of Switzerland as a federal state by choice, and not along ethnic boundaries. The term became popular to describe the Swiss political model after World War I