Most interpretations of American free banking experiences in the nineteenth century focus on the failure of what is commonly believed to have been an experiment in unregulated banking. In this dissertation completed in 1988, economist Karen Y. Palasek advances the thesis that not only was free banking a strictly regulated system, but the reasons for its failure stem directly from the regulations themselves and from the regulatory ties between bond collateral requirements for competitively issued redeemable banknotes and a large volume of government debt which was essentially used as a reserve by free banks.
To illustrate the impediments presented by free banking laws, Palasek compares free banking experiences in New York to bank experiences in New England under the Suffolk System. She argues that the New England regional banking system that developed under the Suffolk was essentially a laissez-faire banking system, producing stability and safety for noteholders and depositors through market-driven behavioral constraints on the banks. New York, arguably the best example of American free banking, compares unfavorably on both stability and safety to the more laissez-faire system. The implications of this reexamination of free banking and the recent debates over the causes of instability in the free banking era have a bearing on modern reconsideration of deregulation and the self-regulating properties of a laissez-faire monetary system in the areas of stability, safety, and adequacy of banking facilities.
The Right Not To Testify
Whoever wishes to do so, freely and voluntarily. Conscription of witnesses is no more justified than conscription into the armed forces or into any other service or occupation.
Ludwig von Mises: An Appreciation
Ralph Raico pays homage to Ludwig von Mises and his place in the social sciences.
Ludwig von Mises: An Appreciation
Ralph Raico pays homage to Ludwig von Mises and his place in the social sciences.
A Roundabout Approach to Macroeconmics: Some Autobiographical Reflections
I. Introduction: Setting the Stage
“Roundaboutness” is a concept featured in Austrian capital theory.
A Roundabout Approach to Macroeconmics: Some Autobiographical Reflections
I. Introduction: Setting the Stage
“Roundaboutness” is a concept featured in Austrian capital theory.
The Why of Human Action
Mises: "What I aimed at in writing Human Action was to contribute my share to ... prevent[ing] America from following Europe down the path to annihilation of civilization and prosperity."
The Why of Human Action
Mises: "What I aimed at in writing Human Action was to contribute my share to ... prevent[ing] America from following Europe down the path to annihilation of civilization and prosperity."
Codes to Live By
Hazlitt sees clearly that because capitalism promotes freedom, justice and productivity it has far more right to be called "social" (or "moral") than socialism which in its despotism actually promotes a code of immorality.
Codes to Live By
Hazlitt sees clearly that because capitalism promotes freedom, justice and productivity it has far more right to be called "social" (or "moral") than socialism which in its despotism actually promotes a code of immorality.
Jesús Huerta de Soto: The Synthesizer of the Austrian School
For decades, Huerta de Soto has devoted significant effort to academia, business, and the libertarian movement in Spain and worldwide.
Jesús Huerta de Soto: The Synthesizer of the Austrian School
For decades, Huerta de Soto has devoted significant effort to academia, business, and the libertarian movement in Spain and worldwide.
Frank S. Meyer: The Fusionist as Libertarian
Rothbard examines conservatism by using as a fulcrum and analysis of the views of the leading conservative fusionist, Frank S. Meyer.
Frank S. Meyer: The Fusionist as Libertarian
Rothbard examines conservatism by using as a fulcrum and analysis of the views of the leading conservative fusionist, Frank S. Meyer.
The Poor Laws of England
The Poor Law Amendment of 1834 attempted to address the problem of runaway costs and abuses of the system. With mixed results.
The Poor Laws of England
The Poor Law Amendment of 1834 attempted to address the problem of runaway costs and abuses of the system. With mixed results.
Let’s Defend Capitalism
Capitalism — not democracy — is what gives us the blessings we have come to associate with a free society. So it is markets and not democracy that we must defend.
Let’s Defend Capitalism
Capitalism — not democracy — is what gives us the blessings we have come to associate with a free society. So it is markets and not democracy that we must defend.
Human Action: A Chapter-by-Chapter Summary
If reading Human Action is too daunting, read this chapter-by-chapter summary of one of the greatest economic treatises ever written.
Human Action: A Chapter-by-Chapter Summary
If reading Human Action is too daunting, read this chapter-by-chapter summary of one of the greatest economic treatises ever written.
On The Duty Of Natural Outlaws To Shut Up
Who would join a radical minority movement, and commit him- or herself for life to social obloquy and a marginal existence, for the sake of 20% more bathtubs, or 15% more candy bars? Who will man the barricades either physically or spiritually, for more peanuts or Pepsi?
Dr. Palasek is Assistant Professor of Business at Barton College, and serves as the Director of Educational and Academic Programs at the John Locke Foundation.
The amazing fact is that the great majority of British people are not yet consciously aware that they are living in a very severe economic crisis.
