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Pastimes : Book Nook
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To: Thomas M. who wrote (282)5/11/2001 12:09:05 PM
From: Thomas M.  Read Replies (2) of 443
 
"The Rationale of Central Banking and the Free Banking Alternative" by Vera C. Smith

I found this book as boring as the title sounds (though, to me, the title was intriguing), and I had to force myself to finish it. The book covers the historical debate between central banking and free banking in Europe and the U.S. over the past several centuries. Generally, the author finds that free banking is superior, but that by the 1930s it was no longer realistic to start a movement towards that end, because central banking was entrenched. The key point of note was that free banking relied on one crucial factor, effective clearing of banknotes so as to keep shady banks in line. Scotland is the notable example of a free banking system that was very effective.
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