February, 2015

Renewing the Search for a Monetary Constitution

Reforming Government's Role in the Monetary System
  • Lawrence H. White

    Distinguished Senior Fellow, F. A. Hayek Program for Advanced Study in Philosophy, Politics and Economics
  • Viktor J. Vanberg (Editor)

  • Ekkehard A. Köhler (Editor)

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50 years ago, an important volume, In Search of a Monetary Constitution, was published, focusing on the need for a monetary constitution—constraints on the creation of money by the government. Today, the work’s analysis, overlooked at the time, has proven to be remarkably prescient. In this new collection, commemorating the volume’s 50th anniversary, the subject is fully updated and re-energized. Since its publication, central banks have delivered neither sound money nor real growth; instead, chronic inflation and a series of booms and busts have prevailed. As a result, calls for monetary reform have re-emerged, centered around the debate over creating constitutional provisions that empower government vs. provisions that prohibit the government interference with money. This new volume seeks to spark a new discussion of the vital issue of constitutional monetary reform.