The Ethics of Money Production: Chapter 14

Chapter 14: Monetary Order

1. Until now was the book analyzing economical theory, with historical examples used merely for demonstration. That being done, it is time to look at actual history through the theory available.

The analysis of the free market (or "natural") production of money, however theoretical, allows to analyze the many breaches of property rights and their effects. It also shows, points out Hülsmann, that a natural production of money is "unrealistic" only because of a lack of political will. There are no technical hindrances to its introduction, and it is superior in every way to the present system. It is a viable system. And free competition would allow it to spread.

2. A minor note on credit money: it is compatible with a free market. It probably won't see widespread use, but there is no reason to not let it compete along with other monies.

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This was another short chapter, so let me talk a bit about the blogging process itself. Turns out, for 'liveblogging' is this a pretty extended activity, but it can be called blogging at least. :)

The book divided into chapters and smaller sections and most are not too long. When processing a chapter, I read the whole chapter first. Then I read the first section; and then I start making notes on the section itself, book in hand. That done, I go over to the next section and so on. Sometimes can be the text condensed nicely, some parts need to be repeated almost word for word.

Meanwhile, I am posting the chapters as I have time, stabilized at around once a week. Typing it up, more changes in text are sure to come in, but its mostly just cosmetic issues and wording. It is fun and useful to have a feeling for what is coming, while posting the current chapter. It also helps when points from the current chapter are posted into the wiki.

From this follows, that the note-taking and blogging can diverge quite a bit. The note-taking takes mostly less than a week, but I got delayed on several long chapters, so it matches up. At this moment though, there are notes up to Chapter 17, the last numbered chapter (there is one more short 'afterword' chapter), so the end is finally drawing near! It is quite taxing to do it all, but it is worth it... I can only recommend, if you have the time.