Bibliographic Information

Private money : the path to monetary stability

Kevin Dowd

(Hobart paper, 112)

Institute of Economic Affairs, 1988

Available at  / 6 libraries

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Note

Bibliography: p. 69-70

Description and Table of Contents

Description

Kevin Dowd explains how central banking and the monopoly issue of currency by government have politicised and greatly destabilised the banking system. The change from money backed by a commodity standard to fiat money has destroyed the mechanism by which price stability was earlier secured, and opened the way for an historically unprecedented inflation. The Bank of England and other central banks have a record of losses which is comparable to those of the worst managed nationalised trading companies. In contrast, the private issue of currency disciplines banks through competitive pressures, and there is no real danger that the currency will be debased by over-issue. Indeed the historical evidence indicates that private monetary systems, as in Scotland from 1728 to 1845, have been stable and successful. Monetary stability can be achieved through a competitive banking system. This requires complete financial deregulation, the abolition of the Bank of England, and a re-definition of the monetary standard in terms of a general commodity index.

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Details

  • NCID
    BA06947781
  • ISBN
    • 0255362161
  • Country Code
    uk
  • Title Language Code
    eng
  • Text Language Code
    eng
  • Place of Publication
    London
  • Pages/Volumes
    71 p.
  • Size
    22 cm
  • Parent Bibliography ID
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