The End of Government's Monopoly Over Our Money

The End of Government's Monopoly Over Our Money
AP Photo/Mark Lennihan

After two centuries of government monopoly money, private monies are re-emerging and will likely come to dominate ultimately. Back in 1976, Nobel Laureate F.A. Hayek published his little classic, Denationalization of Money. In essence, Hayek argued that money is no different than other commodities, and it would be better supplied by competition among private issuers than by a government monopoly. His book detailed the problems with government monopoly money and how most of these problems could be overcome with private competition.

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