The Economics of Legal Tender Laws

by Jörg Guido Hülsmann

Advanced lecture on the origins of fiat money systems, explaining the transition from commodity money to commercial bank notes and deposits, and from there to fiat money. Recorded 31 July 2010 in Auburn, Alabama.

Reading supplemental:

Legal Tender Laws and Fractional-Reserve Banking, Vol. 18 Num. 3, Journal of Libertarian Studies