Ironically, most fully developed by free market economist Milton Freedman, monetarism has become the source and root of the current evils of the world economy-runaway debt, widespread stagnation and the revival of socialism.
These evils of top-down money face serious challenges from digital alternatives on the Internet and from the perennial case for gold.
Both these forms of money offer escape from government-ruled monetarism. They also offer monetary systems that affirm Friedman's cogent theories of freedom rather than his erroneous ideas of control.
Gold has been ascendant in Asia, which has become the new spearhead of world economic growth and capitalism, with tax rates generally between one-half and one-third of those in the West.
Meanwhile, around the globe, transactions are shifting toward the Internet. Although online purchases remain between 6-7% of all commerce, Internet trade is expanding rapidly.
Comment: See: Crypto contradiction: Boom Bust explores how governments try to control cryptocurrencies that were not meant to be regulated