Quarterly Journal of Austrian Economics
Fiat Money and Collective Corruption
Tags Money and BanksMoney and Banking
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.