A Case for Decentralizing Monetary Policy
Money for much of history has been something closely regulated by the state and today that trend has been steadily increasing. Whether it’s commodity standards like gold or today’s fiat currency, which the government can issue at will, the state has always had a close eye on the money supply. This is rather curious because we should know by now that the market tends to manage things far better than the state. Just look at grocery stores in the United States and grocery stores in a communist country like North Korea or Cuba. Of course, this isn’t an argument to privatize everything and anything but it should be reasonably understood that decentralized decision-making tends to work for most things and money should fall into that category.
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