mercredi 26 avril 2017

Hayek et les monnaies privées

La concurrence incite à se diversifier.

"Moreover, in many respects a single international currency is not better but worse than a national currency ifit is not better run. It would leave a country with a financially more sophisticated public not even the chance of escaping from the consequences of the crude prejudices governing the decisions of the others. The advantage of an international authority should be mainly to protect a member state from the harmful measures of others, not to force it to join in their follies."

"For more than 2,000 years the government prerogative or exclusive right of supplying money amounted in practice merely to the monopoly of minting coins of gold, silver or copper. It was during this period that this prerogative came to be accepted without question as an essential attribute of sovereignty-clothed with all the mystery which the sacred powers of the prince used to inspire. Perhaps this conception goes back to even before King Croesus of Lydia struck the first coins in the sixth century BC, to the time when it was usual merely to punch marks on the bars of metal to certify its fineness."

"It took nearly go years fronl the publication of his work in 1776 until Great Britain became the first country to establish complete free trade in 1860. But the idea caught on rapidly; and if it had not been for the political reaction caused by the French Revolution and the Napoleonic Wars no doubt it would have taken effect much sooner. It was not until 1819 that an effective movement to educate the general public on these matters started and it was in the end due to the devoted efforts of a few men who dedicated themselves to spread the message by an organised Free Trade Movement that what Smith had called 'the insolent outrage of furious and disappointed monopolists' was overcome. "

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