Pub. Date:
Cambridge University Press
Free Banking and Monetary Reform

Free Banking and Monetary Reform

by David Glasner


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The power of the state to issue currency and control the monetary system is so entrenched, and the presumption among economists that money must be supplied monopolistically by a central authority is so widespread, that the notion that money could be supplied competitively has rarely been taken seriously. This book boldly challenges the conventional view that the state must play a dominant role in the monetary system. Part I explores the historical evidence and examines how a well-developed monetary system might have developed without any special role for the state. Part II offers a theory for a competitive supply of money and uses it to shed light on the development of monetary theory and the course of monetary history over the past two centuries. In Part III the author outlines new proposals for monetary reform that will protect the financial system against instability and will ensure macroeconomic stability.

Product Details

ISBN-13: 9780521361750
Publisher: Cambridge University Press
Publication date: 01/28/1989
Edition description: New Edition
Pages: 296
Product dimensions: 5.98(w) x 8.98(h) x 0.94(d)

Table of Contents

Preface; Acknowledgments; Part I. A Theory of Monetary Institutions: 1. The evolution of money and banking; 2. Money and the state; Part II. The Uncertain Progress of Monetary Theory and Monetary Reform: 3. The classical theory of money; 4. The quantity theory of money; 5. The heyday of the gold standard, 1879-1914; 6. The Great War, the Great Depression, and the gold standard; 7. The Keynesian revolution and the monetarist counterrevolution; Part III. A Competitive Monetary Regime: 8. The competitive breakthrough; 9. Can competitive banking be safe and stable?; 10. Why we need a new monetary regime; 11. A proposal for monetary reform; References; Index.

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