Source: Cobden Centre
by Thorsten Polleit
“The world is in need for a sound global currency. However, identifying and implementing such a currency remains a complex task. It is crucial to remember that money plays a vital role in driving productivity and is indispensable for maintaining and increasing peoples’ material well-being. Money achieves its maximum utility when universally adopted, that is when all people use the same money. Because then the benefits of using money are maximised: economic calculation becomes most efficient, and transaction costs are minimised. Consequently, the ideal scenario is a world where a single money is used by all. This isn’t just abstract theory; history all too clearly demonstrates its validity. In the 19th century, the global economy operated effectively under one world money: gold.” (04/16/24)