Review of George Selgin, Good Money: Birmingham Button Makers, the Royal Mint, and the Beginnings of Modern Coinage

Review of George Selgin, Good Money: Birmingham Button Makers, the Royal Mint, and the Beginnings... 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 http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png The Review of Austrian Economics Springer Journals

Review of George Selgin, Good Money: Birmingham Button Makers, the Royal Mint, and the Beginnings of Modern Coinage

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Publisher
Springer Journals
Copyright
Copyright © 2010 by Springer Science+Business Media, LLC
Subject
Economics; Public Finance; Political Science; History of Economic Thought/Methodology
ISSN
0889-3047
eISSN
1573-7128
D.O.I.
10.1007/s11138-010-0113-5
Publisher site
See Article on Publisher Site

Abstract

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

Journal

The Review of Austrian EconomicsSpringer Journals

Published: Jun 9, 2010

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