First published 1990
Denationalisation of Money: The Argument Refined
Denationalisation of Money: The Argument Refined by Friedrich A. Hayek is available as a free PDF and EPUB download at freecapitalists.org.
- Friedrich A. Hayek
- First published
- 1990
- Format
- PDF and EPUB
- Pages
- 146
- ISBN
- 9781610161411
- Publisher
- Institute of Economic Affairs
- License
- Published here by permission. The work itself reserves all rights; it is not Creative Commons.
Money, banking & crises Markets, trade & industry
What if the government let anyone use a currency of his or her choosing? What if the government permitted entrepreneurs to innovate in the monetary sector, such as by creating digital currencies or minting commodity money?
This is precisely what F.A. Hayek argues.
By special arrangement with the Institute for Economic Affairs, the Mises Institute is pleased to offer a new printing of F.A. Hayek's most radical case for the complete privatization of money: The Denationalisation of Money. He wrote this near the end of his career, after thinking through all the economic arguments for monetary reform and examining the political viability of various proposals. He shows the essential unviability of government money, and calls for a complete free market in the production and distribution and management of money.
This book is the very core of the Hayekian approach to monetary policy, and the book that drew the world's attention to this radical thinker following his Nobel Prize in economics. The argument is substantively similar to Mises's but rather than a gold standard, Hayek argues for completely abandoning government attempts to reform money. The result would be competitive private currencies that permits the market alone to choose the dominant currency the world over.
In the digital age, his argument takes on new significance, as experimentation in digital currencies continues apace.
Questions
About this book and this copy
- Is Denationalisation of Money: The Argument Refined free to download?
- Yes. The complete 146-page PDF and EPUB downloads directly from this page (10.0 MB). There is no signup, no account and no paywall.
- How long is Denationalisation of Money: The Argument Refined?
- 146 pages, 35 chapters, and about 49,754 words in the edition this archive serves.
- Is Denationalisation of Money: The Argument Refined in the public domain?
- No. This edition is published here by permission and the work itself reserves all rights. It is free to read and download from this archive, but it is not public domain and not Creative Commons.
- Who wrote Denationalisation of Money: The Argument Refined?
- Friedrich August von Hayek (1899–1992) was an Austrian-British economist and one of the most influential free-market thinkers of the 20th century. This archive holds 21 of Hayek's works.
What's in it
30 chapters · 49,754 words · page numbers are this file's
- Prefacep. 10
- Author's Introductionp. 14
- A Note to the Second Editionp. 17
- The Authorp. 19
- I. The Practical Proposalp. 24
- II. The Generalization of the Underlying Principlep. 27
- III. The Origin of the Government Prerogative of Making Moneyp. 29
- IV. The Persistent Abuse of the Government Prerogativep. 34
- V. The Mystique of Legal Tenderp. 37
- VI. The Confusion About Gresham Lawp. 42
- VII. The Limited Experience with Parallel Currencies and Trade Coinsp. 44
- VIII. Putting Private Token Money Into Circulationp. 47
- IX. Competition Between Banks Issuing Different Currenciesp. 52
- X. A Digression on the Definition of Moneyp. 56
- XI. The Possibility of Controlling The Value of a Competitive Currencyp. 60
- XII. Which Sort of Currency Would the Public Selectp. 67
- XIII. Which Value of Money?p. 70
- XIV. The Uselessness of the Quantity Theory For Our Purposesp. 77
- XV. The Desirable Behaviour of the Supply of Currencyp. 86
- XVI. Free Bankingp. 91
- XVII. No More General Inflation or Deflation?p. 96
- XVIII. Monetary Policy Neither Desirable Nor Possiblep. 101
- XIX. A Better Discipline Than Fixed Rates of Exchangep. 109
- XX. Should There be Separate Currency Areas?p. 114
- XXI. The Effects on Government Finance and Expenditurep. 118
- XXII. Problems of Transitionp. 122
- XIII. Protection Against the Statep. 125
- XXIV. The Long-Run Prospectsp. 127
- Questions for Discussionp. 136
- Appendixp. 137
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