Carl Menger's monetary theory: A revisionist view

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The paper presents a revisionist view of Carl Menger's monetary thought. Although Menger is widely regarded as understanding the monetary system as a Hayekian spontaneous order, Menger recognizes the importance of state in the historical development of money. In his 1900 'Geld', Menger emphasizes the role of state as necessary for the full development of monetary systems. This revisionist view of Menger sheds new light on his thought vis-a-vis a his status as founder of the Austrian School of Economics, as well as the relationship of his thought to that of later members and descendants of the school. Specifically, Menger's position cannot be viewed as aligned with the radical liberalism typical of the literature of these later Austrians.

Original languageEnglish
Pages (from-to)455-473
Number of pages19
JournalEuropean Journal of the History of Economic Thought
Issue number3
Publication statusPublished - 2008 Sept 1


  • Austrian school of economics
  • Carl Menger
  • Liberalism
  • Money
  • Spontaneous order

ASJC Scopus subject areas

  • Arts and Humanities(all)
  • Economics, Econometrics and Finance (miscellaneous)
  • History and Philosophy of Science


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