Chapter 11 Money without borders
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The European Central Bank created the euro. As multiple international currencies compete with the US dollar, the world may be said to be moving away from a single non-national currency that Keynes tentatively named bancor. There are also private monies in circulation that suggest a partial denationalization of money as Hayek had proposed. Some countries have dollarized their currency. In future they may tie their par to another hegemon. Cohen has written of different currencies being employed for different purposes. There is more choice and competition in money than was imagined at the time of the gold standard.

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