nd the need for the services and products of workers. Thus full employment would be a natural condition if nothing interfered with it. The main interference is the monetary policy pursued, by governments. Governments monopolized the medium through which most exchanges - directly or indirectly - are brought about: the medium of exchange, money. The prices and wage policies practised by governments and other coercive and monopolistic associations, like unions and other pressure groups, are only secondary and not dealt with here. Any monopoly leads to shortages to a reduction of exchanges to difficulties and even, in some cases, to the impossibility of exchanging labour for desired goods and services. In this case the money monopoly means unemployment due to a monopoly-caused shortage of sound exchange media. (The coercive factor involved allows over-issues and inflation as well.) 5. WHAT STOPS UNEMPLOYMENT? The competitive issue of private money notes and tokens would, i.e. of certificates using a stable standard of value, subject to a free market rate against this standard and also to complete refusal by anyone but the issuer to accept them at all. Within such an issue system as many exchange media as are required could be issued - and no more. With such a system any shortage of currency resulting from the government's present monopolization of the money system could be easily overcome, while any inflation of the general price level would be avoided. (At most some private issues would deteriorate but they would not influence the general price level, prices being marked in preferred stable standards.) 6. DO UNEMPLOYMENT AND INFLATION EXCLUDE EACH OTHER? Due to the issue monopoly of governments and the coercive and exclusive character of their paper money and due o the absence of any indicator - in the absence of the free market rate for means of payment - to measure the limits for sound issues, any centrally managed currency will always t...
