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The debate on the evolution of the payment system between free-banking and central banking


  • Stefano Figuera

    () (Università di Catania. Dipartimento di Giurispruden)


The article focuses on some aspects of the debate over the evolution of the payment system. The work examines in depth the theoretical streams of two groups: the scholars maintaining the need to establish a regime of free-banking against those who consider the role of the central bank untouchable. A clearer idea of the effective magnitude of the evolution of the payment system may be obtained by shifting the focus from the model of an exchange economy to that of a monetary production economy, upheld by scholars whose position is similar to that of a number of heterodox economists, as well as of Keynes.

Suggested Citation

  • Stefano Figuera, 2013. "The debate on the evolution of the payment system between free-banking and central banking," History of Economic Ideas, Fabrizio Serra Editore, Pisa - Roma, vol. 21(1), pages 117-137.
  • Handle: RePEc:hid:journl:v:21:y:2013:1:5:p:117-37

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