Store: Policy Reports:
Monetary Nationalism Reconsidered
by Lawrence H. White
In the twentieth century, there has been a trend toward creation of multilateral central banks that control the issuance of money and the amount of its supply. Professor White examines the key consequences of this situation, discussing such topics as mixed currency systems, reserve-holding systems, and the possible effects of an international central bank. He concludes that the international flow of goods and capital would be enhanced not by creating more or bigger central banks, but instead by free marketing banking and commodity standards.