English

Introduction Back in the mid-1970s Friedrich Hayek dared to suggest that, if given a chance, private firms would produce better monies than governments ever have. His sensational claim encouraged others to look into past private currency arrangements, and especially into former “free banking” systems in which currency mainly consisted of redeemable paper notes issued by […]

Abstract In this paper, I discuss the benefits and dangers of dollarization. Dollarization is not only a way to control inflation with chronic monetary imbalances; it is fundamentally an institutional reform that contributes (in the margin) to checking the amount of government spending. Conversely, a poor design of a dollarization reform can facilitate the government […]

I Soon after “Maggie” Thatcher was elected leader of the British Conservative Party in 1975, she impatiently interrupted the previous speaker in an important political strategy discussion, slammed F.A. von Hayek’s book The Constitution of Liberty on the table and made it clear to the assembled party leadership that this work was her economic and […]

Africa, Europe’s southern neighbor, is increasingly in the limelight. On one hand, Western politics fails to foster cooperation and growth in African countries. On the other, the media often depict Africa in a negative way. This lack of political engagement is most often due to a lack of knowledge – frequently bordering on ignorance – […]

XVI. INTERNATIONAL VERNON SMITH PRIZE 2023 Vernon Smith Prize is an essay competition for the advancement of Austrian Economics – sponsored and organized by the European Center for Austrian Economics Foundation (www.ecaef.li), Vaduz (Principality of Liechtenstein). Topic for 2023: “The Rule of Law. It’s Meaning and Purpose” Extended deadline for the essays: November 30, 2023. […]