Competition and Currency: Essays on Free Banking and Money

by Lawrence H. White

"Lawrence H. White deals with a major issue of the 1990s—reprivatization of money. He makes a cogent argument and presents evidence that private, competing currencies would provide more monetary stability than do central banks. Surprisingly enough, modern private money may emerge first in Eastern Europe, where the gap between the economy's need and the government's money is greates."
—Richard Rahn, Vice President and Chief Economists, U.S. Chamber of Commerce.
"Boldly, White makes a persuasive case for free banking....In time, we may well look back and regard Competition and Currency as crucial in the development of the economy and economic thought of the future."
— The New York City Tribune
"White is a leading analyst of a laissez-faire monetary system featuring a privately issued money supply. HIs perceptive insights force a rethinking of our present regulated monetary system and of what kind of reforms will remedy its defects. Avery worthwhile collection of essays for all students of monetary theory."
—Philip Cagan, Columbia University
"White is a leading analyst of a laissez-faire monetary system featuring a privately issued money supply. HIs perceptive insights force a rethinking of our present regulated monetary system and of what kind of reforms will remedy its defects. A very worthwhile collection of essays for all students of monetary theory."
—Phillip Cagan, Columbia University
"Newcomers to the literature...would be recommended to start with White's volume, where each paper is self-contained in its handling of particular aspects of free banking...Highly recommended as clear, well-argued expositions of the case for free banking, challenging assumptions common to much of monetary economics. It is particularly apposite that these assumptions be questioned at a time when institutional reform is so much on the agenda."
—Sheila C. Dow, The Economic Journal

Genres: Economics, Nonfiction, Finance, Money

270 pages, Paperback

First published November 1, 1989

About the author

Professor of economics at George Mason University. Fairfax, Virginia.

Reviews

[Andrew Allison · Rating 4 out of 5]

A great introduction to Free Banking as well as an interesting perspective on many other monetary questions. The hypothesis of future monetary and banking systems draws on historical examples as well as theory, producing probable yet uncertain outcomes of laissez-faire policies in those areas. I am reminded of Robert Murphy's "Chaos Theory" which offers a similar method for hypothesizing how free-market defense might look.

While I am often lead to believe that Hayekians are part of the beltway, White certainly puts forth a radical and uncompromising policy with regards to banking and money. This was an excellent read overall. I am excited to continue to Selgin, but I am even more excited to read de Soto.

[Tyler · Rating 4 out of 5]

I want to give this book five stars but the outdated material holds me back. It is a wonderful read and, ultimately, it has really changed my opinion on 100% reserve banking to free banking. If you're going to read this, I'd suggest reading about monetary economics, some kind of introduction, because it is certainly not for just beginners (as I found out unfortunately). All-in-all, though, it is definitely a book worth reading.