D. I. Mendeleev on the unity of measures, weights and money: an analysis from the point of view of modern metrology

Abstract

The article analyzes the validity of D. I. Mendeleyev's statement made in 1867 about the need to maintain the unity of measures, weights and money to ensure fair trade and rapprochement between nations. It is shown that under the conditions of the monetary system and the “gold standard” monetary system, it was the observance of the unity of measures, weights and money that allowed states to sovereignly establish and maintain a stable value of their money for a sufficiently long time. This, in turn, ensured confidence in the stable value of money, equality of trading parties, and fair trade in states that supported the unity of measures, weights and money. The global financial and market system created in the 21st century abandoned the observance of the metrological principles of the unity of measures, weights and money, replacing the stable “material” value of national money with its market price. The negative consequences of this step became apparent quite quickly. The value of national currencies ceased to be stable, the international market became unequal. It is shown that in the conditions of the modern global financial and market system, fair international trade is impossible in principle. The article proposes and substantiates the need to return to the unity of measures, weights and money, which allows ensuring the stability of means of payment, equality of trading parties.