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This book summarily rejects the statist monetary orthodoxy. Its nine writers are in full agreement that money is not the product of a legislative act, but the inevitable result of man’s division of labor and exchange economy. Wherever enterprising men seek to exchange their goods and services for more marketable goods that facilitate further exchanges for other goods, the precious metals, especially gold, are most suited to serve as money. The writers are aware that for some 2,500 years small pieces of gold and silver, called coins, constituted universal money. It survived two millennia in spite of countless attempts by hosts of governments to manipulate it or replace it with their own media. They are convinced that gold will soon return as universal money and prevail long after the present rash of national fiats is forgotten or relegated to currency museums.
The essays of this collection are the product of a lecture series given at Grove City College during the 1973 Spring Semester.
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Hans F. Sennholz (1922-2007) was Ludwig von Mises’s first PhD student in the United States. He taught economics at Grove City College, 1956–1992, having been hired as department chair upon arrival. After he retired, he became president of the Foundation for Economic Education, where he served from 1992-1997. He was an adjunct scholar of the Mises Institute, and in October 2004 was awarded the Gary G. Schlarbaum Prize for lifetime defense of liberty.
Greenwood Press, Westport, Connecticut, 1975
