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My offer consisted that the government it is necessary to deprive of monopoly on
Currency issue. Working out of this idea has opened the amazing theoretical
Prospects also has opened variety of possible combinations, which before at all
Were considered. As soon as you are released from standard, but implicit
Belief in that the government should supply the country own,
Distinct from others, having the exclusive right of circulation by currency, arises
Set of the most interesting questions which were never studied before.
Result of my activity, thus, penetration in became perfect
Not investigated area. In the given short job I can state only
Some opening made during its primary inspection. I understand,
That has hardly concerned a new complex of questions it is and more very far from the decision of all
Problems which can arise in case of set of competing currencies. To me
It is necessary to put some question on which I do not know answers; not in
Status I to consider and all theoretical problems arising in connection with
This new situation. Many efforts Here is required, however already is
Signs of that the initial idea has cleared imagination of other researchers,
Also that some younger minds undertook working out of this problem November 1975; Cordon Tullock, "Taper Money - A Cycle in
Cathay ", Credit
and Banking VI, Journal of Money, Banking, 1976, IX/3, " Competing
Moneys ", Money Credit, Economic History Review, "The Competitive Supply of Money", 1956; Gordon Tullock and see
At the given stage of job the main conclusion consists that the basic defect
Market order - its susceptibility to the repeating periods of depressions and
The unemployments, calling quite defensible reproaches - are a consequence
Centuries-old governmental monopoly for a currency issue. Now at me not
Remains doubts that private enterprises if it did not disturb
The government, a wide choice of currencies, and those for a long time would give to a society from
Monetary units which would win competitive struggle, had the stable
Value also prevented both excessive investment, and the subsequent
The recession periods.
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