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@ Flix
2025-06-17 15:17:00
My proposition is quite simple:
Incentives matter. Under a gold standard (or any type of hard money) rulers are incentivised to spend less on war. Under a fiat money system they are incentivised to spend more on war.
Does this mean that all fiat money governments will go to war? No. It's not the only factor in a very complex equation.
But it does mean that -ceteris paribus- you get LESS war under hard money.
A similar debate has been raging between historians over wether democracies tend to wage less war than dictatorships. This is similar, only for monetary systems.
It's not that hard to understand the debate... and once you start to look at the evidence you might be surprised how much there is.