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Free Banking: Theory, History, and a Laissez-Faire Model
Free banking is a term that refers to the total deregulation of the banking industry. It signifies an absence of such constraints as reserve requirements, capital requirements, government deposit insurance, and limitations on branching. Above all, it means that private banks would be allowed to issue their own currency. This book takes a fresh approach to that ...more
Hardcover, 224 pages
Published July 30th 1993 by Quorum Books
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“Free Banking: Theory, History, and a Laissez-Faire Model” is a great read. I was surprised to come onto Goodreads and see only one short review for this book after I had finished it. Sechrest makes a very convincing and honest case for free banking. I was most impressed with his treatment of semi-free banking in Scotland and the United States. It would have been easy for him to present these as perfect examples of free banking and to have only extolled their virtues. Instead, he treated them ...more
Sep 06, 2016 Gregory Sun rated it it was amazing · review of another edition
The book contains two essential parts. The first half of the book is a theoretical exposition that formalizes the theory of Free Banking and takes a theory that is normally associated with the Austrian school and puts it in a more neoclassical, quantity theory light to demonstrate that both approaches can achieve similar conclusions. The second half goes through some history and also deals with competing theories. A very interesting approach to money theory that shows how the banking sector ...more