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Using historical examples, this book attempts to demonstrate that unregulated banking can be successful and that central banks' beneficial contribution has been greatly exaggerated. Topics covered include a description of the experiment with free banking during the French Revolution.

Unregulated Banking: Chaos or Order?

Part 1 Are central banks necessary?, Charles A.E.Goodhard: comment, Leslie Pressnell; comment, Geoffrey E.Wood. Part 2 Banking without a central bank - Scotland before 1844 as a "free banking" system, Lawrence H.White: comment, Charles W.Munn; comment, K.Alec Chrystal. Part 3 Lessons from the American experience with free banking, Hugh Rockoff: comment, James A.Dorn; comment, Anna J.Schwartz. Part 4 Experiments with free banking during the French Revolution, Eugene N.White: comment, Forrest H.Capie; comment, Didier Bruneel. Part 5 The evolution of central banking in England, 1821-1890, Kevin Dowd: comment, W.A.Allen; comment, Michael Collins. Part 6 Does regulation produce stability? lessons from the United States, George J.Benston: comment, Michael D.Bordo; comment, Sir Peter Middleton.