PARALLEL JOURNEYS

Hugh Rockoff

Journal of Cultural Economy, 2011, vol. 4, issue 3, 255-283

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.

Date: 2011
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DOI: 10.1080/17530350.2011.586849

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