Rev Austrian Econ (2010) 23:411–413 DOI 10.1007/s11138-010-0113-5 Review of George Selgin, Good Money: Birmingham Button Makers, the Royal Mint, and the Beginnings of Modern Coinage University of Michigan Press, Ann Arbor, 2008, 1775-1821 pages Steven Horwitz Published online: 9 June 2010 Springer Science+Business Media, LLC 2010 Despite their general commitment to the market as the preferred process of resource allocation, economists do have a few areas that they often treat as exceptions to this principle. Foremost among those, for most economists, is the production of money. It is a widely accepted belief that private enterprise and the profit motive are incapable of producing money and near-moneys in a way that would assure both quality and macroeconomic stability. The power of both the mint and the printing press must be under the control of government if those two goals are to be achieved. George Selgin has spent a career challenging that claim. In his 1988 book The Theory of Free Banking and a number of subsequent articles, Selgin made the case that competition was perfectly capable of producing money that would out-perform central banks in terms of avoiding inflation, deflation, and business cycles and generally providing a sound environment for
The Review of Austrian Economics – Springer Journals
Published: Jun 9, 2010
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