In the 1970s Hayek turned to institutional reform, proposing in 'Choice in Currency' (1976) that people be free to use whatever currency from anywhere in the world they find most stable to damper any one central bank's inflationary proclivities, and then in 'The Denationalization of Money' arguing that private firms could issue fiat-type money and would be more reliable than central banks because it is easier to hold private firms to their promises than central banks.