ABSTRACT OF PAPER
Title: The Metric Monopoly as a hybrid between a competitive and monopolistic monetary order: The vision of Leonhard Miksch for a sustainable post war monetary order
Author: Köhler Ekkehard
The paper aims for a systematic analysis of the proposal of a competitive monetary order, made shortly after the Second World War in Germany by Leonhard Miksch (1901-1950), a student of Walter Eucken, the leading figure of the “Freiburg School”. Despite of Miksch’s essential contributions to the Freiburg tradition and of his significant influence on the emergence of the German post war economic order, little attention has yet been given to him in the history of economic thought. Especially Miksch’s inventive proposal concerning the monetary system has neither been analysed systematically nor integrated into the liberal quest towards a desirable monetary constitution. Centered by a “metric monopoly”, his monetary order combines monopolistic with competitive order elements within a central bank constitution, which is why he could be appraised as a mastermind of a Free-Banking-System. We also believe that Miksch’s contributions to the distinct institutional shape of the German Bundesbank are worthwhile a resumption to offer new insights into the ongoing discussion of historical evidences for the widely assumed perception that the relatively large degree of independence of the Bundesbank owes it’s implementation to the Freiburg School.
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