Quarterly Journal of Austrian Economics

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Fiat Money and Collective Corruption

  • The Quarterly Journal of Austrian Economics

Tags Money and BanksMoney and Banking

07/30/2014Thorsten Polleit

Volume 14, Number 4 (Winter 2011)

 

In this article it will be argued that collective corruption - which is the logical result of government interventionism in the field of money production - can explain why public opinion accepts adherence to an economically and socially destructive fiat money regime. Collective corruption can explain why returning to sound money faces such high, perhaps insurmountable, hurdles once fiat money has been put into place.

Author:

Thorsten Polleit

Dr. Thorsten Polleit is Chief Economist of Degussa and Honorary Professor at the University of Bayreuth. He also acts as an investment advisor.

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