New Private Monies : A Bit-Part Player?

Kevin Dowd

ISBN 10: 0255366949 / ISBN 13: 9780255366946

Verlag: Institute Of Economic Affairs Apr 2015, 2015

Beschreibung

Neuware - Kevin Dowd argues that states must allow a level playing field as far as private money is concerned. For too long the government has stifled competition between state-backed and private currencies. Instead, central banks should welcome competition as it forces them to offer consumers greater choice and improved quality. A weakened ability to store value, growing restrictions on finance, oppressive taxes and a lack of financial privacy have resulted in growing frustration at state controlled money. The superior nature of private currencies combined with the financial freedom they offer has led to their increasing attraction. Bitcoin enables its owners, among other things, to protect their wealth, make investments free from government control and retain a level of privacy, making it increasingly attractive. The price of Bitcoin rose from 3 cents in April 2010 when first traded, to over $900 in January 2014. The relationship between restrictions on individual freedom and demand for private money is also identified in the paper. The increasing constraints on personal freedom have led to private money becoming more and more popular as it enables people to do what would otherwise be illegal. The market for private monies will continue to thrive as long as states restrict and prohibit various forms of commerce.

Bestandsnummer des Verkäufers 9780255366946

Bibliografische Details

• Titel: New Private Monies : A Bit-Part Player?
• Verlag: Institute Of Economic Affairs Apr 2015
• Erscheinungsjahr: 2015
• Sprache: Englisch
• ISBN-10: 0255366949
• ISBN-13: 9780255366946
• Einband: Taschenbuch
• Zustand: Neu
• Abmessungen: 199B x 134 H x 8 T Millimeter Breite: 199 mm, Höhe: 134 mm, Tiefe: 8 mm
• Gewicht: 150 Gramm

Über diesen Titel

Inhaltsangabe

New forms of private monies regularly hit the newspaper headlines. However, there is relatively little discussion of whether such innovations will last the pace and perform effectively the functions that we expect of money. This monograph, by one of the leading scholars in the field of private money and free banking, examines new innovations such as Bitcoin, the Liberty Dollar and e-gold. Kevin Dowd concludes that competition in this field is welcome given the lamentable history of state money which has seen its purchasing power shrink greatly over the years. However, the author also concludes that, whilst recent developments in private monetary systems are welcome and may herald a forthcoming revolution, new monies face many challenges. Some of those challenges relate to the nature of the private monies themselves. Other challenges come from law enforcement agencies that are determined to prevent competition with state money. Kevin Dowd outlines the regulatory and legal changes that will be necessary if beneficial innovation is to thrive and discusses how developments in private money are part of a more general movement amongst people who wish to reduce the role of the state in their lives. This monograph is essential reading for anybody interested in new developments in money, finance and banking.

Über die Autorin bzw. den Autor

Kevin Dowd is an economist and Emeritus Professor at The University of Nottingham Business School with research intertests in free banking, pensions and insurance, financial risk measurement and management, monetary economics, and political economy.