Titlebook: Unregulated Banking; Chaos or Order? Forrest Capie (Professor of Economic History and H Book 1991 Forrest Capie and Geoffrey E. Wood 1991 b

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Experiments with Free Banking during the French Revolution,ese experiements are not ideal for judging its merits. The French experience thus provides additional useful evidence on the viability of banking where there is free entry and the issuance of liabilities is unregulated.

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,Banking without a Central Bank: Scotland before 1844 as a ‘Free Banking’ system,ably that of Andrew Kerr (1884). In more recent literature, it underlies the summaries of the Scottish experience offered by Vera Smith (1936, ch. 2), Rondo Cameron (1967, ch. 3) and myself (White (1984), ch. 2), and the use of the Scottish experience as counter-evidence to the legal restrictions theory of money (White (1987)).

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,The Evolution of Central Banking in England, 1821–90, to contemporary or later banking systems which were more heavily regulated. A question then arises: if monetary laissez-faire is not inherently unstable, it must follow that central banking could not have evolved to counter the market’s inherent instability, and we are left wondering why central banking . evolve.

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Lessons from the American Experience with Free Banking,t perhaps as an object lesson about what can go wrong if the government does not apply a stern regulatory hand to the banking system. An article that appeared in . in 1971 entitled ‘The Early Ways and Crazy Days of Banking’ (Lasdon (1971)), accurately reflected contemporary thinking. Since that time

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