Abstract
Abstract In real?world markets, individual intentions cannot be brought into perfect harmony before decisions are taken. Choices made without this pre?ordering?choices made in ignorance of one another?produce unwanted outcomes. It is this absence of coordination among plans, not centralized banking, that is the primary cause of macroeconomic market failure. Steven Hor?witz's free?banking alternative would aggravate the collective?action problems inherent in economies without complete markets.
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DOI 10.1080/08913819808443488
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References found in this work BETA

Capitalism, Coordination, and Keynes: Rejoinder to Horwitz.Greg Hill - 1996 - Critical Review: A Journal of Politics and Society 10 (3):373-387.
The Moral Economy: Keynes's Critique of Capitalist Justice.Greg Hill - 1996 - Critical Review: A Journal of Politics and Society 10 (1):33-61.

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From Hayek to Keynes: G.L.S. Shackle and Ignorance of the Future.Greg Hill - 2004 - Critical Review: A Journal of Politics and Society 16 (1):53-79.

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