The Denationalization of Money is a book written by Friedrich Hayek, and published in 1976, in which he advocated the establishment of competitively issued private moneys. In 1978 Hayek published a revised and enlarged edition entitled Denationalization of Money: The Argument Refined, where he speculated that rather than entertaining an unmanageable number of currencies, markets would converge on one or only a limited number of monetary standards, on which institutions would base the issue of their notes.