Advanced Search
MyIDEAS: Login

Parallel Journeys: Adam Smith and Milton Friedman on the Regulation of Banking

Contents:

Author Info

  • Hugh Rockoff

    () (Rutgers)

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 1929-33. 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.

Download Info

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
File URL: ftp://snde.rutgers.edu/Rutgers/wp/2010-04.pdf
Download Restriction: no

Bibliographic Info

Paper provided by Rutgers University, Department of Economics in its series Departmental Working Papers with number 201004.

as in new window
Length: 20 pages
Date of creation: 19 Mar 2010
Date of revision:
Handle: RePEc:rut:rutres:201004

Contact details of provider:
Postal: New Jersey Hall - 75 Hamilton Street, New Brunswick, NJ 08901-1248
Phone: (732) 932-7482
Fax: (732) 932-7416
Web page: http://snde.rutgers.edu/Rutgers/wp/rutgers-wplist.html
More information through EDIRC

Related research

Keywords: banking; Adam Smith; Milton Friedman;

Find related papers by JEL classification:

This paper has been announced in the following NEP Reports:

References

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
as in new window
  1. Jadlow, Joseph M, 1977. "Adam Smith on Usury Laws," Journal of Finance, American Finance Association, vol. 32(4), pages 1195-1200, September.
  2. White, Eugene Nelson, 1984. "A Reinterpretation of the Banking Crisis of 1930," The Journal of Economic History, Cambridge University Press, vol. 44(01), pages 119-138, March.
  3. Bodenhorn, Howard, 1993. "Small-Denomination Banknotes in Antebellum America," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 25(4), pages 812-27, November.
  4. David Laidler, 1981. "Adam Smith as a Monetary Economist," Canadian Journal of Economics, Canadian Economics Association, vol. 14(2), pages 185-200, May.
  5. Selgin, George, 2001. "In-Concert Overexpansion and the Precautionary Demand for Bank Reserves," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 33(2), pages 294-300, May.
  6. Selgin, George & White, Lawrence H, 1997. "The Option Clause in Scottish Banking: A Comment," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 29(2), pages 270-73, May.
  7. David Levy, 1987. "Adam Smith's Case for Usury Laws," History of Political Economy, Duke University Press, vol. 19(3), pages 387-400, Fall.
  8. Rockoff, Hugh, 1974. "The Free Banking Era: A Reexamination," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 6(2), pages 141-67, May.
  9. Redish,Angela, 2000. "Bimetallism," Cambridge Books, Cambridge University Press, number 9780521570916.
Full references (including those not matched with items on IDEAS)

Citations

Lists

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

Statistics

Access and download statistics

Corrections

When requesting a correction, please mention this item's handle: RePEc:rut:rutres:201004

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: ().

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.