HAYEK’S ‚DENATIONALISATION OF MONEY‘. SOME CRITICAL REMARKS

In a nutshell, Hayek, in his “Denationalization Of Money”, calls for putting an end to the state’s (or the government’s) monopoly of money production, replacing it by a free market in money. At first glance, this seems to be a rather radical proposal. At a second glance, however, we will recognize that there is actually strong economic and ethical support for Hayek’s idea. Among mainstream economists, Hayek’s idea had remained a sideshow for many years. This might be, and in no small part, due to some inconsistencies in Hayek’s line of argumentation. In fact, Hayek’s proposal for denationalising the currency, that is ending the states’ money production monopoly and opening up a free market in money, is as relevant as ever, perhaps it is more relevant than ever. By Thorsten Polleit, recorded at Oxford University Mises Society, 6 February 2024. Please follow Thorsten Polleit on social media: Youtube: @thorstenpolleit4118 Telegram: https://t.me/freemarketinmoney GETTR: https://gettr.com/user/thorstenpolleit Twitter: https://twitter.com/ThorstenPolleit Facebook: https://www.facebook.com/thorsten.pol... Linkedin: https://www.linkedin.com/in/dr-thorst... His website is: www.thorstenpolleit.com Thorsten Polleit’s latest books can be found here: “Des Teufels Geld”, www.amazon.de/Teufels-Geld-faustische-Fiatgeld-Pakt-zur%C3%BCckkehren/dp/3959727437 “The Global Currency Plot”, https://mises.org/library/global-currency-plot “So act that your principle of action might safely be made a law for the whole world.” | Immanuel Kant (1724–1804)