The book, Gold is Money, edited by Hans Sennholz argues that money is not the product of a legislative act, but of man’s division of labor and exchange economy.
GOLD OR PAPER CURRENCY?
This book summarily rejects the statist monetary orthodoxy.
Its nine writers are in full agreement that money is not the product of a legislative act, but the inevitable result of man’s division of labor and exchange economy. Wherever enterprising men seek to exchange their goods and services for more marketable goods that facilitate further exchanges for other goods, the precious metals, especially gold, are most suited to serve as money.
The writers are aware that for some 2,500 years small pieces of gold and silver, called coins, constituted universal money.
It survived two millennia in spite of countless attempts by hosts of governments to manipulate it or replace it with their own media.
They are convinced that gold will soon return as universal money and prevail long after the present rash of national fiats is forgotten or relegated to currency museums.
The essays of this collection are the product of a lecture series given at Grove City College during the 1973 Spring Semester.