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The free banking challenge to central banks
Critical Review: A Journal of Politics and Society 8 (3):411-425 (1994)
Abstract
The numerous historical episodes of free banking have invariably ended in the establishment of central banking. Was the failure of free banking due to ?theory,? ?seignorage??the attempt by governments to use central banks for revenue purposes?or to ?crises?? Would a free banking system be stable, free of crises? This is the crux of the theoretical and historical debate.My notes
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