Table of Contents; Pamela J. Brown, Constitution or Competition? Alternative Views on Monetary Reform: Library of Economics and Liberty

Constitution or Competition? Alternative Views on Monetary Reform by Pamela J. Brown 1982. Originally published in Literature of Liberty, vol. v, no. 3, Autumn 1982, Institute for Humane Studies. Republished with permission of original copyright holders.
I. Money: Medium of Exchange or Policy Instrument? II. The Problem Plaguing Monetized Systems: Government Mismanagement of Currency Production III. The Proposed Remedies to Bureacratic Corruption of Token Currency A. Gold: A Note on the "Classical" Solution B. Monetary Rules: The Call for a "Constitutionally Constrained" Government Monopoly Two Rationales for Rules Suggestions Concerning the Rule's Content Suggestions Concerning the Money Monopoly's Organization The Anticipated Results of a Monetary Constitution C. A Free Market Money System: The Competing Currencies Alternative From "Bitter Joke" to "Crucial Issue" Earlier Advocates of Free Trade in Money: From Smith to Spencer Recent Discussions of the Competitive Supply of Money Hayek and the Denationalization of Money The Competitive Process of Currency Production Is a Free-Market Monetary System Stable? Could Private Token Currencies Emerge? Would They? Skepticism From Gold Standard Advocates Rules and Commands: Their Confusion by the Constitutionalists Monetary Constitutionalists as Entrepreneurs in Scientists' Clothing IV. Conclusion: Competition as the Proper Response to Ignorance
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