Classical Liberal Perspectives on Banking and Financial Regulation

This chapter critically surveys classical liberal perspectives on banking and finance from the Scholastics to modern times. It covers arguments regarding state monopoly and debasement of coinage, legal privileges and legal restrictions in banking (with particular emphasis on Adam Smith and his influence), central banking, deposit insurance and other banking regulations, freedom of securities markets, and cryptocurrency. 

Chapter prepared for the Routledge Handbook on Classical Liberalism, eds. Richard Epstein, Mario J. Rizzo, and Liya Palagashvili.