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Competition and Currency: Essays on Free Banking and Money Paperback – February 1, 1992


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Product Details

  • Paperback: 270 pages
  • Publisher: New York University Press; 1st edition (February 1, 1992)
  • Language: English
  • ISBN-10: 0814792472
  • ISBN-13: 978-0814792476
  • Product Dimensions: 9.1 x 5.9 x 0.8 inches
  • Shipping Weight: 13 ounces (View shipping rates and policies)
  • Average Customer Review: 5.0 out of 5 stars  See all reviews (2 customer reviews)
  • Amazon Best Sellers Rank: #1,178,709 in Books (See Top 100 in Books)

Editorial Reviews

Review

"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

About the Author

Lawrence H. White is Associate Professor of Economics at the University of Georgia and Adjunct Scholar at the CATO Institute. He is author of Free Banking in Britain.


More About the Author

I am a professor of economics at George Mason University in Fairfax, Virginia. My latest book, The Clash of Economic Ideas, combines my interests in economic history and the history of economic thought. My earlier books discuss the theory and history of banking and money. I have been teaching for about thirty years, including stints at New York University, the University of Georgia, and the University of Missouri - St. Louis, before moving to my current position in 2009. My wife is Neera K. Badhwar, a philosopher.

I enjoy giving talks about economic issues across the United States and around the world. In recent years I have been a regular speaker at the summer seminars of the American Institute for Economic Research and the Foundation for Economic Education. I am a co-editor of the online journal Econ Journal Watch, and I host bi-monthly podcasts for EJW Audio.

My GMU personal webpage is http://mason.gmu.edu/~lwhite11/biography.html. You can Google "Lawrence H. White" to find many videos of me giving talks and interviews.

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Most Helpful Customer Reviews

5 of 6 people found the following review helpful By Michael A. Beitler on December 25, 2008
Format: Paperback
Dr. Lawrence H. White is the leading authority on free banking and the reprivatization of money. His work is a great contribution to the literature on free markets and libertarianism. Even libertarians don't understand the importance of a free banking system and non-governmental competing currencies.

White writes in the Austrian tradition, but his work is not as utopian as Rothbard's. Nobody offers a better critique of central banking (the Federal Reserve) than Lawrence White. White not only talks about the theory and history of currencies, he presents a picture of how private competitive currencies would work in the real world.

If you have any interest in free banking, I highly recommend this book.

Michael Beitler, Ph.D.
Host of "Free Markets With Dr. Mike Beitler"
Author of "Rational Individualism" Rational Individualism: A Moral Argument for Limited Government & Capitalism
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4 of 5 people found the following review helpful By Junglies VINE VOICE on May 22, 2008
Format: Paperback
This book lies in a tradition of the anti-monopoly critique of central banking alongside writers in the Austrian tradition as well as others who believe in the efficacy of competitive market situations.

White displays a wide knowledge of the literature on private monies and explores the varying aspects of what a competitive currency situation would look like.

As Shiela Dow acknowledges in her endorsement of this book, this is the place to begin in the unorthodox views which are put forward. I have no hesitation in highly recommending this book almost sixteen years after it was originally published especiall given the contemporary situation which the US currently finds itself in with a weak dollar, a last resort tool of a government intent on keeping competitive pressures on sections of the US economy when it has run out of ideas and instruments.

My comments are really concerned with what should follow, that is a study or studies on how a transition to competing currencies would manifest itself from current conditions. What institutional arrangements would be required to allow the alternate system to develop without being stillborn and how that transition would be managed. Clearly the implications of private monies would require considerable education of the average citizen and inparticular with regard to the degree of risk involved which would be initially high before being reduced as competitive pressures grew.

Another aspect of this which ought to be considered is one where competing existing currencies would be allowed along the lines proposed by the Major Government in Britain, prior to an examination of how competing private currencies would be allowed to exist in an international monetary system

This book is certainly providing a firm academic foundation to proceed from and one which will hopefully lead to a full and productive inquiry into how this can be made to happen.
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