"Denationalization of Money: The Argument Refined"By Mar 31, 2019 1 Min Read
"The Denationalization of Money" is a book published in 1976 (revised and enlarged version titled "Denationalization of Money: The Argument Refined" in 1978) by F.A. Hayek, in which the author advocated the establishment of competitively issued private money.
The central argument by Professor Hayek is that price level stability can be achieved only by removing from national governments their monopoly of money creation. The analysis is followed by other scholars, in the scenarios when there has not been a government monopoly money. For instance, Lawrence White (1984) studied the Scottish system of competitive money issue; Eugene White (1990) studied the competition in money issuance during the French revolution, and Huge Rockoff studied the competitive money issue in the United States.
These early studies by scholars indicate the possibility of denationalization of money and it seems that blockchain-based cryptocurrencies can make Hayek's vision a reality.
Read revised version here.