The gold standard: a critique of Friedman, Mundell, Hayek and Greenspan from the free enterprise perspective

Abstract

Argues that the gold standard is the only monetary regime consistent with the philosophy of free enterprise and assesses the contributions of Friedman, Mundell and Hayek to monetary theory as supporters of the free market but opponents of the gold standard. Critically reviews the basic ideas of each and notes that Greenspan, while apparently endorsing the gold standard, has not actually used his position as chairman of the US Federal Reserve System to move towards it. Lists some economists who support both free enterprise and the gold standard as a “vital aspect of political economy”.

Citation

Block, W. (1999), "The gold standard: a critique of Friedman, Mundell, Hayek and Greenspan from the free enterprise perspective", Managerial Finance, Vol. 25 No. 5, pp. 15-33. https://doi.org/10.1108/03074359910765939