Quarterly Journal of Austrian Economics

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What is Money?

The Quarterly Journal of Austrian Economics

Tags Money and BanksHistory of the Austrian School of EconomicsMoney and Banking

07/30/2014Claude Frédéric Bastiat


Volume 5, No. 3 (Fall 2002)


The State applies itself to loading everybody’s brain with prejudices, and everybody’s heart with sentiments favorable to the spirit of anarchy, war, and hatred; so that, when a doctrine of order, peace, and union presents itself, it is in vain that it has clearness and truth on its side,—it cannot gain admittance.  The most urgent necessity is, not that the State should teach, but that it should allow education. All monopolies are detestable, but the worst of all is the monopoly of education.



Claude Frédéric Bastiat

Frédéric Bastiat was the great French proto-Austrolibertarian whose polemics and analytics run circles around every statist cliché. His primary desire as a writer was to reach people in the most practical way with the message of the moral and material urgency of freedom.

Cite This Article

Bastiat, Frédéric. "What is Money?" The Quarterly Journal of Austrian Economics 5, No. 3 (Fall 2002): 87–105.

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