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

In: The Political Economy and Feasibility of Bitcoin and Cryptocurrencies

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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.

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  • ., 2022. "On the road again: Friedrich A. Hayeks (1899-1992) Denationalisation of Money," Chapters, in: The Political Economy and Feasibility of Bitcoin and Cryptocurrencies, chapter 8, pages 171-197, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:21454_8
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    Economics and Finance;

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