The free banking movement got its modern start in 1977 with The Denationalization of Money, by Austrian economist Friedrich Hayek, who advocated that national governments stop claiming a monopoly on the issuing of currency, and allow private issuers like banks to voluntarily compete to do so.
Timberlake's research on the development of private moneys occurred at the time of Friedrich Hayek's idea of The Denationalization of Money, extending and expanding upon it in coordination with the free banking movement.
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