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Free Banking
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Free Banking and Monetary Reform
This book boldly challenges the conventional view that the state must play a dominant role in the monetary system.
Free Banking in Britain
Free banking, generically speaking, denotes a monetary system without a central bank, under which the issuing of currency is left to private banks. This book explores how this could work in practice by examining how this has worked historically, specifically in the United Kingdom in the early 19th century. After building a theory of free banking, its central chapters explore the history of Scotlands experience of free banking and the contemporary policy debate over the question of whether Parliament should allow free banking in England. The final chapters bring the debate forward and examine how free banking could work in modern times. The result is a significantly revised and update edition of a book about privately issued currency.
Experience of Free Banking
First Published in 1992. Routledge is an imprint of Taylor & Francis, an informa company.
Free Banking
The question of free banking - or laissez-faire in money - raises fundamental theoretical, historical and normative issues. Discussions of free banking contemplate the consequences of abolishing government central banks, and allowing unrestricted money issue by private banks.
Legislating Instability
From 1716 to 1845, Scotland’s banks were among the most dynamic and resilient in Europe, effectively absorbing a series of adverse economic shocks that rocked financial markets in London and on the continent. Legislating Instability explains the seeming paradox that the Scottish banking system achieved this success without the government controls usually considered necessary for economic stability. Eighteenth-century Scottish banks operated in a regulatory vacuum: no central bank to act as lender of last resort, no monopoly on issuing currency, no legal requirements for maintaining capital reserves, and no formal limits on bank size. These conditions produced a remarkably robust banking sy...
