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Libertarianism I now turn to the question of the connection between monetarism and classical liberalism/ libertarianism.7 There can be no denying that there is 'an' association between the two sets of ideas, in at least two ways. First, there is an historic association. The classical liberal political economists of earlier centuries -Adam Smith being the supreme example -wrote to destroy previous mercantilist teaching, namely, that a country could make itself rich by protectionism designed to produce a 'favourable' balance of trade, and the importation of gold (money) into the country. Changes in the stock of money, they argued, do not constitute a change in the quality of real resources available to a society - and it is upon the latter (plus the efficiency with which they are used) that the real 'wealth of nations' rests.8 Second 'a' connection beween monetarism and libertarianism - at least on a head-count principle - continues...

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