The Theory of Free Banking: Money Supply Under Competitive Note Issue

This is a defense of the theory and practice of free banking, i.e. the competitive issue of money by private banks as opposed to the centralised and monopolised issuance of currency under a system of central banking.

George Selgin is a senior fellow and director of the Center for Monetary and Financial Alternatives at the Cato Institute and Professor Emeritus of Economics at the University of Georgia. His research covers a broad range of topics within the field of monetary economics, including monetary history, macroeconomic theory, and the history of monetary thought.