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Fall 2014

ISSN 0890-913X

Volume 29, Number 3

Categories: Fall 2014 | Finance

Banking and the State

Gerald P. O’Driscoll Jr., Cato Institute

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BankingandtheStateTheJournalofPrivateEnterprise29(3),2014,1–10GeraldP.O’Driscoll,Jr.*CatoInstitute______________________________________________________AbstractThisisanintroductoryessaytoasymposiumonthemonetaryandbankingsystemsandtheirrelationtothestate.Theessaybrieflysummarizesthethreepapers.Itlinkstheargumentsofthepapers,oneofwhichisitselfahistoricalpiece,toonesextendingbacktotheeighteenthcentury.Classicalpoliticaleconomistsweresuspiciousoffiatcurrencybecauseofthehistoricalrecordofdebasementandresultinginflation.Inthenineteenthcentury,writerssearchedforsoundmoney,whichwastypicallycommoditymoney.Inthetwentiethandtwenty-firstcenturies,economistssearchforamonetaryconstitution.______________________________________________________JELCodes:B1,B2,B3,E3,E5,E6Keywords:AdamSmith,AlexanderHamilton,Soundmoney,Stablemoney,LudwigvonMises,FlorinAftalion,ThomasSowell,PublicChoice,F.A.Hayek,Theeuro,Monetaryconstitution,LelandYeager,LawrenceH.WhiteI.IntroductionThethreepapersinthissymposiumwereoriginallypresentedatasessionatthe2013APEEmeetings,titled“BankingandtheState:IsDivorcePossible?”ItwasinspiredbydiscussionsataSeptember2013LibertyFundcolloquium,“CentralBanking,FreeBanking,andtheGoldStandard.”Alongwithslaveryandthetariff,themonetarysystemwasoneofthemajor,contentiouspoliticalissuesofnineteenth-centuryAmerica.Theauthorstogethercoverboththemonetaryandbankingpartsalongwiththefinancialsystemmorebroadly.TheHamiltonianandFederalistimpulsewastocraftanationaleconomicpolicyinwhichanationalbankwouldsupportnationaleconomicendeavors(especiallythepromotionofmanufacturing).*IthankMaraleneMartinforvaluablecomments.Ialsothanktwoanonymousrefereesofanearlierpaper,partofwhichhasbeenincorporatedintothisintroductoryessay.1

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Title	Banking and the State
Authors/Creators:	Gerald P. O’Driscoll Jr., Cato Institute
Year:	2014
Volume:	29
Number:	3
Pages:	1 - 10
Publisher:	The Association of Private Enterprise Education
ISSN:	0890-913X
Document Type:	Articles
Keywords:	Adam Smith, Alexander Hamilton, Sound money, Stable money, Ludwig von Mises, Florian Aftalion, Thomas Sowell, Public Choice, F. A. Hayek, The euro, Monetary constitution, Leland Yeager, Lawrence H. White

Citation:
O’Driscoll Jr., Gerald P. / 2014. "Banking and the State." The Journal of Private Enterprise, 29(3): 1-10.