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This monograph is a much revised version of an earlier draft prepared for the Liberty Fund Conference, ‘In Search of a Monetary Constitution Revisited’, 19–22 April 2012, in Freiburg, Germany. I thank Viktor Vanberg, Lawrence H. White and the Liberty Fund for the invitation to participate in this conference, and I thank Steve Baker MP, ­Maneck Bodhanwala, Dave Campbell, Martin Hutchinson, Doug Jackson, Gordon Kerr, Duncan Kitchin, Matthias Klaes, Bernard von NotHaus, Frederick Roeder, Lawrence H. White, Basil Zafiriou and two referees for many helpful inputs that have much improved the draft. The usual caveat applies.