Author: Christopher Houghton Budd
Pages: 10
Originally published 2002

This essay reviews the relevance and role of competition in modern economic life. Is it compatible with the conditions of a single global economy? Left to itself, with Marxism and ‘alternative’ approaches gone from the field, would it work? Or should we be thinking more in terms of synergies, working together to achieve what previously was done by rivalry? Even competition in money leads to the idea of a best money as a single basket of goods (Hayek). In a world of global finance and global corporations, thought needs to be given to a one-world currency, something that lies hidden behind the foreign exchange market. But this money need not be fiat money. It could be given expression through the medium of accounting, when made transparent, universal and predicated an economic realities rather than political interference.