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Denationalisation
of
Money
-The
Argument
Refined
An
Analysis
of
the
Theory
and
Practice
of
ConcurrentCurrencies
F.
A.
HAYEK
Nohel
Laureate
1974
Diseases
desperate
grown,
By
desperate
appliances
are
reli'ved,
Or
not
at
all.
WILLIAMSHAKESPEARE
(Hamlet,
Activ,Scene
iii)
THIRD
EDITION
~ ~
Published
by
THE
INSTITUTEOF
ECONOMIC
AFFAIRS
1990
 
First
publishedin
October
1976
Second
Edition,
revised
and
enlarged,
February
1978
ThirdEdition,
with
a
newIntroduction,
October
1990
by
THE
INSTITUTE
OF
ECONOMICAFFAIRS
2
LordNorth
Street,Westminster,
London
SWIP
3LB©
THEINSTITUTEOFECONOMICAFFAIRS
1976,1978,1990
HobartPaper
(Special)
70
All
rights
reseroed
ISSN
0073-2818
ISBN
0-25536239-0
Printed
in
Great
Britain
by
GORONPRO-PRINT
CO
LTD
6
Marlborough
Road,Churchill
Industrial
Estate,
Lancing,
W
Sussex
Text
set
in
'Monotype'
Baskeroille
 
Geoffrey
E.
Wood
CONTENTS
PREFACE
Arthur
Seldon
PREFACE
TO
THESECOND(EXTENDED)EDITION
A.S.
AUTHOR'SINTRODUCTIONANOTE
TO
THESECONDEDITIONTHEAUTHORINTRODUCTION
TO
THETHIRDEDITION
THE
PRACTICALPROPOSAL
Free
trade
in
moneyProposalmorepracticable
than
utopian
European
currencyFree
trade
inbankingPreventinggovernmentfromconcealingdepreciation
Page
9
11
13
16
18
19
232323
24
25
II
THE
GENERALISATIONOF
THR
UNDERLYING
PRINCIPLE
26Competition
in
currencynotdiscussedbyeconomists26Initialadvantages
of
governmentmonopoly
in
money27
III
THE
ORIGINOF
THE
GOVERNMENT
PREROGATIVE
OF
MAKING
MONEY
28
Governmentcertificate
of
metalweight
and
purity29
The
appearance
of
paper
money
31
Political
and
technicalpossibilities
of
controlling
paper
money
31
Monopoly
of
moneyhasbuttressedgovernmentpower32
IV
THE
PERSISTENT
ABUSE
OF
THE
GOVERNMENT
PREROGATIVE
33
History
is
largelyinflationengineered
by
government33EarlyMiddleAges'deflationlocal
or
temporary34Absolutismsuppressedmerchants'attemptstocreatestablemoney35
[3]
of 00

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