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Parallel Journeys

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  • Hugh Rockoff

Abstract

Adam Smith and Milton Friedman are famous for championing laissez-faire, yet both supported government regulation of the banking system. In both cases their deviation from free market orthodoxy was based on a careful reading of financial history: especially Smith's reading of the Crisis of 1772 and Friedman's reading of the Crisis of 1929–1933. In both cases they based their reading on a complex and nuanced account of human nature. This paper describes their parallel journeys to the conclusion that banking requires government regulation.

Suggested Citation

  • Hugh Rockoff, 2011. "Parallel Journeys," Journal of Cultural Economy, Taylor & Francis Journals, vol. 4(3), pages 255-283.
    • Handle: RePEc:taf:jculte:v:4:y:2011:i:3:p:255-283
    DOI: 10.1080/17530350.2011.586849
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