Free and Unfree

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Why has the United States experienced so many crippling financial crises, along with other sorts of monetary and financial troubles, throughout its history? The popular answer: U.S. banks have long been poorly regulated, subjecting the economy to the whims of selfish interest, which must be tempered by more government regulation and centralization.

In Money: Free and Unfree George Selgin turns this conventional wisdom on its head. In essays covering U.S. monetary policy since before the Civil War, he painstakingly traces financial disorder to its source: misguided government regulation, dispelling the myth of the Federal Reserve as a bulwark of stability.

About the Author

George Selgin directs the Cato Institute’s Center for Monetary and Financial Alternatives and is Professor Emeritus of Economics at the University of Georgia. His previous books include The Theory of Free Banking, Bank Deregulation and Monetary Order, Less Than Zero, and Good Money.

Praise for Money: Free and Unfree

“Should be required reading for any student of money.”
—Richard H. Timberlake, Professor Emeritus of Economics, University of Georgia

“George Selgin is the best monetary thinker in Washington, D.C.”
—James Grant, Editor, Grant’s Interest Rate Observer

“Real reform presupposes the lessons that Selgin teaches us.”
—Leland B. Yeager, Professor Emeritus of Economics, Auburn University