Free Banking and Economic Development, Part 2
When Adam Smith first drew attention to the benefits of fractional-reserve banking, those benefits were but a glimmer of far more impressive gains to come. In 1776, the year of the appearance of Smith’s Wealth of Nations, Scotland had only 10 note-issuing banks, the...I was a Farm Worker
It makes no economic sense for an employer to pay $20 an hour for a job that is only worth $10 an hour.
How About a Union for Business Owners?
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It is often claimed that capitalism leads to all sorts of ills, such as racism and cartels (or monopolies). As with most attacks on capitalism, these claims attempt to blame capitalism for the consequences of government intervention into the economy. The Jim Crow laws...The Danger of “States’ Rights”
Defenders of freedom must reject the entire notion of “states’ rights” and instead embrace the principle of individual rights.
Free Banking and Economic Development, Part 1
The most tangible achievements of the free market—the vast improvements in technology and productivity, the industrial plant and infrastructure from which these derive, and the extensive retailing networks that deliver industry’s fruits to consumers—would be far more meager were it not for past and present lending financed by fractionally-backed bank liabilities.
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