Series synopsis
Monetary Theory is an American documentary talk television series that premiered on March 3, 2026. It ended on March 3, 2026. It was created by Lawrence H. White. It stars Lawrence H. White.
In Monetary Theory, a nine-hour course, Dr. Lawrence White explores the debate between market-based and government-controlled monetary systems, combining theory with historical evidence from gold standards to modern fiat currencies. We examine how money can emerge through market forces, the mechanics of fractional-reserve banking, and how central banks influence inflation. The course also addresses banking stability, market failure arguments, and the causes of inflation, including seigniorage. I ...
Premise
In Monetary Theory, a nine-hour course, Dr. Lawrence White explores the debate between market-based and government-controlled monetary systems, combining theory with historical evidence from gold standards to modern fiat currencies. We examine how money can emerge through market forces, the mechanics of fractional-reserve banking, and how central banks influence inflation. The course also addresses banking stability, market failure arguments, and the causes of inflation, including seigniorage. It concludes by evaluating monetary policy rules, inflation targeting, and alternatives like Bitcoin, and asks whether sound money requires commodity backing or if proper institutional design can achieve stability in fiat systems.
Cast and characters
Leading cast
- Lawrence H. White as Host
Episodes
This series spans 1 season with 8 episodes.
| Season | Episodes | First aired | Last aired |
|---|---|---|---|
| Season 1 | 8 | March 3, 2026 | March 3, 2026 |
| Episode | Title | Air date |
|---|---|---|
| 1 |
Money: Private or Public? In our introductory lecture, Dr. White delves into monetary theory by examining the fundamental question of whether markets or governments should provide money, drawing on historical and theoretical perspectives on monetary systems. Together, we analyze Carl Menger's market theory of money, which explains how money emerges naturally from barter between individuals, contrasting this with the state theory that claims government intervention is necessary for monetary systems to function. Dr. White highlights 19th-century American private mints during gold rushes as evidence that market forces can produce trustworthy money without government involvement. Finally, we see that government monopolies often lead to debasement for revenue, and that private systems remain relevant to modern debates on digital currencies. |
March 3, 2026 |
| 2 |
The Gold Standard In lecture two, we learn about the mechanics of a gold standard, focusing on how supply and demand for monetary gold determine money’s quantity and purchasing power. Dr. White explains the system’s self-correcting mechanism, where changes in demand spur adjustments in gold mining, restoring equilibrium and supporting long-run price stability. Comparing gold and fiat systems, the lecture highlights historically lower inflation, greater price predictability, and stronger fiscal discipline under gold. Finally, we review common objections about gold resource costs and consider why economists today generally oppose returning to a gold standard. |
March 3, 2026 |
| 3 |
Free Banking In lecture three, we examine banks’ role in issuing money under a gold standard, explaining why people prefer banking services to direct gold transactions and what constrains banks without legal limits. We explore fractional-reserve banking as a voluntary system where banks provide payments and interest while lending a portion of deposits. The lecture concludes by showing how market forces—adverse clearings, reserve losses, and the price-specie flow mechanism—naturally limit money creation, allowing competitive banking systems to self-regulate without central bank oversight. |
March 3, 2026 |
Production
Release
| First aired | March 3, 2026 |
|---|---|
| Last aired | March 3, 2026 |
| Status | ended |