The Denationalization of Money is a 1976 book by Friedrich Hayek, in which the author advocated the establishment of competitively issued private moneys. In 1978 Hayek published a revised and enlarged edition entitled Denationalization of Money: The Argument Refined, where he speculated that rather than entertaining an unmanageable number of currencies, markets would converge on one or only a limited number of monetary standards, on which institutions would base the issue of their notes.
Hayek advocates a system of private currency in which financial institutions create currencies that compete for acceptance.[5] Stability in value is presumed to be the decisive factor for acceptance
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