Gary Becker on Free Banking

MPRA Paper from University Library of Munich, Germany

Abstract: Gary Becker´s 1956 paper about free banking was originally intended as a reaction to the 100-percent reserve proposals that were then popular at the University of Chicago. Today the original paper clearly illustrates how considerably our views and theories about free banking have evolved in the past 50 years. This development is to a considerable extent the result of the work and the writings of economists of the Austrian School. Pascal Salin is one of the most prominent members of the Austrian Free Banking School. In a new introduction to the 1956 paper written especially for the Festschrift in honor of Pascal Salin, Gary Becker partly repudiates and mitigates some of his previous conclusions. This event offers a fitting opportunity to review some developments in the theory of free banking and related issues and to add a few clarifications concerning the present “state of the art” as regards an acceptable and adequate concept of free banking.

Keywords: Free Banking; Monetary Regimes; Monetary Standards; Business Cycles (search for similar items in EconPapers)
JEL-codes: E32 E42 E58 (search for similar items in EconPapers)
Date: 2007-10-04, Revised 2007-11-05
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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