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Une théorie de la marque monétaire. L'impossibilité de La dénationalisation de la monnaie


  • Laurent Le Maux


The paper presents analytical critics of the model of private fiat monies proposed by Hayek in The Denationalisation of Money, and in doing so it formulates the concept of « monetary brand name ». On the one hand, this model of competition between floating banking monies without outside money underestimates the problems and costs of the protection of the private monetary brand names that belong to each issuing bank. On the other hand, it does not protect efficiently the property rights of the note holders and depositors. Thus, spontaneously or through legal constrains, issuing banks and their costumers would reject the hayekian model and would call for a system with an outside money. Face with its own contradictions, the model proposed by Hayek takes on a form of constructivism. Classification JEL : B25, D23, E42

Suggested Citation

  • Laurent Le Maux, 2007. "Une théorie de la marque monétaire. L'impossibilité de La dénationalisation de la monnaie," Revue économique, Presses de Sciences-Po, vol. 58(5), pages 985-1009.
  • Handle: RePEc:cai:recosp:reco_585_0985

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    References listed on IDEAS

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    More about this item

    JEL classification:

    • B25 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Historical; Institutional; Evolutionary; Austrian; Stockholm School
    • D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System


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