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Laissez Faire Banking : Routledge Foundations of the Market Economy - Kevin K. Dowd

Laissez Faire Banking

Routledge Foundations of the Market Economy

Hardcover

Published: 11th March 1993
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The idea of free (or laissez-faire) banking has enjoyed a remarkable renaissance in recent years. It is a radical idea that challenges much of what many monetary and banking scholars still take for granted - that banking is inherently unstable, that the banking system needs a lender of last resort or deposit insurance to defend it in a crisis, and that the government has to protect the value of the currency. Against this free banking sets an argument which is in essence very simple: if markets are generally better at allocating resources than governments, then what is different about money and the industry that provides it and why should they be treated differently?
Laissez-faire Banking is divided into three interrelated sections, dealing with the theory of free banking, historical experiences of it and present-day monetary and banking reforms based on free banking principles. Questions relating to the stability or otherwise of free banking regimes are always paramount, and the practical section discusses various forms of automatic stabilizing mechanisms under free banking. The historical chapters also provide compelling evidence of the ultimate stability of free banking systems as well as discussing how central banking evolved in Britain and the United States and the effects it has had. Finally, the book shows how free banking theory can shed light on important contemporary issues, including European monetary reform, the consequences of a European central bank and the US banking crisis.

Acknowledgementsp. viii
Introductionp. 1
Free Banking Theoryp. 23
Automatic Stabilizing Mechanisms under Free Bankingp. 25
Option Clauses and the Stability of a Laissez-Faire Monetary Systemp. 41
Monetary Freedom and Monetary Stabilityp. 58
Is Banking a Natural Monopoly?p. 76
Models of Banking Instabilityp. 87
Historical Experiencep. 115
Free Banking in Australiap. 117
Us Banking in the 'Free Banking' Periodp. 149
Money and Banking: The American Experiencep. 180
Did Central Banks Evolve Naturally?p. 207
The Evolution of Central Banking in England, 1821-1890p. 221
The Evolution of Central Banking in England: a Reply to My Criticsp. 248
Monetary and Banking Reformp. 253
Stopping Inflationp. 255
Does Europe Need a Federal Reserve System?p. 265
Evaluating the Hard Ecup. 281
The Us Banking Crisis: The Way outp. 292
Notesp. 319
Bibliographyp. 357
Indexp. 372
Table of Contents provided by Publisher. All Rights Reserved.

ISBN: 9780415085847
ISBN-10: 0415085845
Series: Routledge Foundations of the Market Economy
Audience: Professional
Format: Hardcover
Language: English
Number Of Pages: 400
Published: 11th March 1993
Publisher: Taylor & Francis Ltd
Country of Publication: GB
Dimensions (cm): 21.6 x 14.0  x 2.5
Weight (kg): 0.79
Edition Number: 1