Good Money, Part II, The Standard

1. Monetary nationalism and international stability. Addendum : correspondence between Hayek and John Hicks -- 2. A commodity reserve currency -- 3. Choice in currency. Addendum : the age-old superstition -- 4. The denationalization of money : an analysis of the theory and practice of concurrent currencies -- 5. Toward a free market monetary system -- 6. The future unit of value.;Througout his life Hayek had a profound interest in money and its role within the economy. Money plays a critical part in his 1920s work on the trade cycle, which attempts to integrate capital theory and monetary theory. As late as the 1970s, Hayek was advocating radical reform of the monetary system, suggesting that the supply of money be turned over to private enterprise.This volume, together with Volume Six, Good Money, Part Two, collect all of Hayek's significant writings on money. Together they amply demonstrate both the significance of 'sound money' in Hayek's economic vision, and Hayek's importance as a monetary theorist.