Uncharacteristically, he neglects to consider the other side: the historical studies indicating that free banking with fractional reserves is not run-prone but robust, the theoretical arguments for the efficiency and economically stabilizing character of free banking, and the jurisprudential arguments for the legitimacy of voluntary fractional-reserve arrangements based on freedom of contract. The book contains three appendices, respectively concerning the Federal Reserve System and its operations, the gold standard and other international monetary arrangements and institutions, and nonmonetary cycle theories.
How Much Money Does an Economy Need? Solving the Central Economic Puzzle of M... Lawrence H White Freeman; Nov 2009; 59, 9; Docstoc pg. 41 Reproduced with permission of
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