On the road again: Friedrich A. Hayeks (1899-1992) Denationalisation of Money

.

Chapter 8 in The Political Economy and Feasibility of Bitcoin and Cryptocurrencies, 2022, pp 171-197 from Edward Elgar Publishing

Abstract: The real star behind the creation of bitcoin and cryptocurrencies was Hayek; especially with his "Denationalisation of Money". There he called for the creation of competing private fiat monies, divorced from the anchor of gold, stabilized by various composite anchors. It is something of a guide, inspiration, and warning to the creators of bitcoin and cryptocurrencies working decades later. The work is criticized for its relative incomprehensibility in explaining monetary and macroeconomic theory; its rhetoric; Hayek's misunderstanding that attempting to control the price level/sale price of money is a form of price control; his use of the term and theory of "spontaneous order"; his sympathy to dictators. At the same time, it is admired for its clarity in presenting his scheme for competing private fiat currencies - a surprising piece of proposed social engineering - and the various political obstacles facing its implementation. It is a work of creative genius.

Keywords: Economics and Finance (search for similar items in EconPapers)
Date: 2022
References: Add references at CitEc
Citations:

Downloads: (external link)
https://www.elgaronline.com/view/9781803920931.00016.xml (application/pdf)
Our link check indicates that this URL is bad, the error code is: 503 Service Temporarily Unavailable

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:elg:eechap:21454_8

Ordering information: This item can be ordered from
http://www.e-elgar.com
sales@e-elgar.co.uk

Access Statistics for this chapter

More chapters in Chapters from Edward Elgar Publishing
Bibliographic data for series maintained by Darrel McCalla (darrel@e-elgar.co.uk).