The Theory of Free Banking



The Theory of Free Banking: Money Supply under Competitive Note Issue
Publisher: Rowman Littlefield Publishers | ISBN: 0847675785 | edition 1988 | File type: PDF | 232 pages | 13 mb

This is a defense of the theory and practice of free banking, i.e. the competitive issue of money by private banks as opposed to the centralised and monopolised issuance of currency under a system of central banking.
Selgin has produced a bitter-sweet analysis of actual and potential banking institutions in their capacities for achieving and maintaining monetary equilibrium. Bitter, because it demonstrates in the most fundamental way the futility of maintaining monetary equilibrium through central direction. Neither a simple monetary rule religiously observed by the central bank nor a well intentioned discretionary policy implemented by an enlightened monetary authority is capable of making the appropriate adjustments in the money supply.

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