Quarterly Journal of Austrian Economics

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The Goal of Monetary Reform

The Quarterly Journal of Austrian Economics

Tags Money and BanksMoney and Banking

07/30/2014George Reisman


Volume 3, No. 3 (Fall 2000)


The essential reason that a 100-percent-reserve gold standard should be the ultimate goal of monetary reform is that is would secure the economic system against the evils both of inflation and of deflation-depression.  In addition, it would be consistent with the fundamental moral-political principle of the absence of the initiation of physical force and thus the positive presence of individual freedom.  Indeed, by virtue of the safeguards it imposes against inflation and deflation-depression, it would secure the individual's freedom against the state better than any other monetary system.


George Reisman

George Reisman, Ph.D., is Pepperdine University Professor Emeritus of Economics and the author of Capitalism: A Treatise on Economics (Ottawa, Illinois: Jameson Books, 1996; Kindle Edition, 2012). More articles like these can be found at his blog.