A private investment company located in Geelong, Victoria

Common Money

A 21st Century Roadmap for Competition in Currency In 1976, Professor F.A. Hayek – the 20th Century’s preeminent classical liberal – published a groundbreaking proposal for the denationalization of money. Under the auspices of the Institute of Economic Affairs, Hayek’s monograph called for financial institutions to be afforded the freedom to issue their own competing private currencies. Forty years on, the policy initiative remains off the political agenda. This essay seeks to restate and revitalize the case for competition in…