Competition in currency

01 June 2012 | 4289 views | 0 Source: Thomas Hogan, West Texas University cash

Thomas L. Hogan, assistant professor of economics at West Texas A&M University, argues for re-introduction of decentralised currency production by competing private banks.

Although the Federal Reserve currently has a de facto monopoly on the provision of currency in the United States, this was not always the case. Throughout most of US history, private banks issued their own banknotes as currency.

This paper examines two ways in which banks could potentially issue private money.» Download the document now 2.8 mb (PDF File)

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