The Denationalization of Money

The Denationalization of Money

The Denationalization of Money is a paper written by Friedrich Hayek, and published in 1977, in which he advocated the establishment of a free market in money.[1]



The premise is that a government monopoly can no more competently manage the supply and demand balance of money than it could do with shoes, automobiles, food, or health care. Instead of a national government issuing a specific currency, use of which is imposed on all members of its economy by force, private businesses should be allowed to issue their own forms of money, deciding how to do so on their own.


This publication spawned an entire economic movement, free banking, that advocates a free market in money, and deregulation of banks and other financial institutions to allow them to print money in competition with each other. Hayek's effort was picked up by economists like George Selgin, Richard Timberlake, and Lawrence White.


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