I'd modify this to say that there needs to be a meta-metadata standard. Repositories need to be able to explain their practices to each other in mutually comprehensible terms. Just having broad principles like "dont be evil" is not enough.
Which set of Dublin Core metadata elements? the original 11? the DCMI extended set?
It's a baseline for sharing across subject boundaries and institutional boundaries only to the extent that those subjects and institutions share agreement as to what the metadata elements mean, and how they should be used. Deciding whether it's a sufficient baseline is more difficult: sufficient for what? not a lot, I suspect.
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