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

June 1988 • Published By Cato Institute 

By [George Selgin](https://www.cato.org/people/george-selgin) 

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##### About the Book 

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.

##### About the Author 

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.