Has Government Any Role in Money?

In recent years there has been a burst of scholarly interest in various aspects of monetary reform-not the conduct of current monetary pol- icy, which has for decades been the object of active scholarly work, but the institutional structure of the monetary system. This interest has centered on three separate but related topics: (1) competition versus government monopoly in the creation of or control over outside or high-powered money, (2) so-called free banking, and (3) the determi- nation of the unit of account and its relation to media of exchange. The topics are related because they all deal with what role, if any, govern- ment has in the monetary system.

Milton Friedman
Anna J. Schwartz
Subject Area: 
Anna J. Schwartz
Publisher: National Bureau of Economic Research
Published in: Money in Historical Perspective
1987 Pages 289-314

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