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

Stefano Figuera ()
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Stefano Figuera: Università di Catania. Dipartimento di Giurispruden

History of Economic Ideas, 2013, vol. 21, issue 1, 117-37

Abstract: 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.

Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:hid:journl:v:21:y:2013:1:5:p:117-37

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