Wednesday, March 18, 2009

Constitution or Competition? Alternative Views on Monetary Reform


Pamela J. Brown of Auburn University published an excellent summary of free banking in the Austrian School tradition entitled "Constitution or Competition? Alternative Views on Monetary Reform" (Literature of Liberty, Vol. v, no. 3, Institute for Humane Studies, Autumn 1982).

About the Article

Money, for practically as long as it has existed, has been employed to realize two fundamentally different sorts of goals: production or plunder. In a market economy, private individuals routinely use monetary institutions in a cooperative way to achieve voluntary exchanges of goods and services. Political authorities, by contrast, use monetary institutions in a non-cooperative way to achieve involuntary transfers of wealth.

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