of government in currency. Under Propertarianism, government’s (insurer of last

http://poseidon01.ssrn.com/delivery.php?ID=675084119021001008101031118117078122024006056079005030120082092022112104009097075123124060121106033007109027006122102017066114107006090023002099028120107100103016118063082019110105095016126091122090116000&EXT=pdfRole of government in currency.

Under Propertarianism, government’s (insurer of last resort) role is limited to weights and measures. This was, as I understand it, the value of early currency, at a time when weights and measures were suspect. Once most currencies were no longer suspect, and therefore, no profit was possible from selling a medium of exchange in and of itself, states attempted to profit from degrading the standard they had developed.

We should not forget that aristocrats built markets as private enterprises, and that under those circumstances neither the market nor money is a commons.