Description
Book SynopsisArgues that open competition among private firms could provide a monetary system better than that currently provided by state monopolized central banks, indicating how monetary uncertainty is brought on by cycles of inflation and disinflation inherent in the system.
Trade ReviewLawrence H. White deals with a major issue of the 1990sreprivation of money. He makes a cogent argument and presents evidence that private, competing currencies would provide more monetary stability than do central banks. Surprisingly enough, modern private money may emerge first in Eastern Europe, where the gap between the economy's need and the government's money is great -- Richard Rahn, Vice President and Chief Economists, U.S. Chamber of Commerce
Newcomers to the literature...would be recommended to start with White's volume, where each paper is self-contained in its handling of particular aspects of free banking...Highly recommended as clear, well-argued expositions of the case for free banking, challenging assumptions common to much of monetary economics. It is particularly apposite that these assumptions be questioned at a time when institutional reform is so much on the agenda. -- Sheila C. Dow * The Economic Journal *
White is a leading analyst of a laissez-faire monetary system featuring a privately issued money supply. His perceptive insights force a rethinking of our present regulated monetary system and of what kind of reforms will remedy its defects. Avery worthwhile collection of essays for all students of monetary theory. -- Philip Cagan, Columbia University
Boldly, White makes a persuasive case for free banking...In time, we may well look back and regard Competition and Currencyas crucial in the development of the economy and economic thought of the future. * The New York Tribune *
