Book contents
- Frontmatter
- Introduction
- 1 Caveat Emptor: Coping with Sovereign Risk Under the International Gold Standard, 1871-1913
- 2 Conduits for Long-Term Foreign Investment in the Gold Standard Era
- 3 The Gold-Exchange Standard: A Reinterpretation
- 4 The Bank of France and the Gold Standard, 1914-1928
- 5 Keynes’s Road to Bretton Woods: An Essay in Interpretation
- 6 Bretton Woods and the European Neutrals, 1944-1973
- 7 The 1948 Monetary Reform in Western Germany
- 8 The Burden of Power: Military Aspects of International Financial Relations During the Long 1950s
- 9 Denationalizing Money?: Economic Liberalism and the “National Question” in Currency Affairs
- 10 International Financial Institutions and National Economic Governance: Aspects of the New Adjustment Agenda in Historical Perspective
- Index
9 - Denationalizing Money?: Economic Liberalism and the “National Question” in Currency Affairs
Published online by Cambridge University Press: 05 January 2013
- Frontmatter
- Introduction
- 1 Caveat Emptor: Coping with Sovereign Risk Under the International Gold Standard, 1871-1913
- 2 Conduits for Long-Term Foreign Investment in the Gold Standard Era
- 3 The Gold-Exchange Standard: A Reinterpretation
- 4 The Bank of France and the Gold Standard, 1914-1928
- 5 Keynes’s Road to Bretton Woods: An Essay in Interpretation
- 6 Bretton Woods and the European Neutrals, 1944-1973
- 7 The 1948 Monetary Reform in Western Germany
- 8 The Burden of Power: Military Aspects of International Financial Relations During the Long 1950s
- 9 Denationalizing Money?: Economic Liberalism and the “National Question” in Currency Affairs
- 10 International Financial Institutions and National Economic Governance: Aspects of the New Adjustment Agenda in Historical Perspective
- Index
Summary
We live in an age when the ideology of economic liberalism is embraced by a growing number of governments in all parts of the world. Not since the early years of the twentieth century has this ideology dominated the global economic order to such an extent. One of the most important thinkers behind the “neo-liberal” economic revolution of recent years was Friedrich Hayek. Among the more interesting of Hayek's ideas was his advocacy in 1976 of a world monetary system no longer centered around exclusive government-issued national currencies. In its limited form, this proposal would allow the co-circulation of foreign currencies alongside domestic currencies in each country's territory. In its more radical form, Hayek's reforms would do away with central banks and encourage private issuers of money to challenge the government's monopoly over currency. Hayek's advocacy of the “denationalization of money” - in both its limited and more radical approach - has attracted considerable attention in academic circles. Among policymakers, his proposal to allow co-circulation of currencies has also generated substantial interest, especially among those concerned with countries in the South and ex-Eastern bloc where “currency substitution” is widespread.
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- Chapter
- Information
- International Financial History in the Twentieth CenturySystem and Anarchy, pp. 213 - 238Publisher: Cambridge University PressPrint publication year: 2003
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