Currency competition
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Currency competition is a monetary system in which private entities print money (usually backed by a valuable, exchangeable commodity such as gold or silver) in order to satisfy the demand for a simple, low-cost method of trading goods and services. Competition in currency is relatively rare today, as most countries enforce fiat currency monopolies in which single, nationalized currencies controlled by central banks is declared legal tender. In such uncompetitive environments, critics argue there is no Separation of money and state.[1][2][3][4]
The term currency competition is also used to describe the relationship between separate fiat currencies in the global economy. In this sense, two or more government-issued currencies, such as the United States dollar and the Euro of the Eurozone, retain domestic monopoly status but compete with each other across international borders.
Zimbabwe has adopted currency competition of several fiat currencies as a response to years of hyperinflation.[5]
See also
References
- ↑ Testimony by Jeffrey M. Herbener, Professor of Economics at Grove City College, Before the Subcommittee on Domestic Monetary Policy and Technology, Committee on Financial Services, U.S. House of Representatives. May 2012
- ↑ 50 Reasons For The Separation of Money and State, Economic Policy Journal, December 2012
- ↑ The Ethics of Money Product, Jorg Guido Hulsmann, Ludwig von Mises Institute, 2008
- ↑ Prison May Be the Next Stop on a Gold Currency Journey, New York Times, October 2012
- ↑ Lua error in package.lua at line 80: module 'strict' not found.
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