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But why do we need to work on a definition? The other day you quoted Abraham Lincoln to us: “Democracy is a rule of the people, for the people and by the people”.Hammond, The Skilled Labourer 1760-1832, quoted in Maxine Berg, The Age of Manufactures.They are unable to compete with the showy goods which Manchester sends in such profusion, and they have of late years emigrated in great numbers, chiefly to Berar, where as day labourers they are able to obtain wages …' Census Report of Central Provinces, 1872, quoted in Sumit Guha, 'The handloom industry in Central India, 1825-1950', The Indian Economic and Social History Review.' Quoted in Raphael Samuel, 'Comers and Goers', in H.All prices are quoted in dollar terms and the local currency is no longer used in transactions.The financial statements enable the stock brokers to judge the financial position of different concerns and take decisions about the prices to be quoted.This is the bilateral nominal exchange rate – bilateral in the sense that they are exchange rates for one currency against another and they are nominal because they quote the exchange rate in money terms, i.e. so many rupees per dollar or per pound.