Abstract

This is a case study of a „classical” issue on the interpretation of money as a special kind of commodity, „balancing” and measuring the value of all the other commodities by its own value. The analysis is based on two main lines. The first line deals with the reasons of the doubts of the representatives of the Austrian School on the necessity to introduce a private market alternative to the „state” money „imposed” by the administration. The second line covers the issue whether and how much the „demonetization” of the precious metals in the 1970-ies as a „classical” symbol of money under the conditions of currency – financial crises, has been replaced now convincing enough by the contemporary circulation of paper money. Very interesting, although not indisputable views on a reform in the global currency are focused, that have been suggested by leading bankers and distinguished scientists.