Banking and the Evolution of Money
The most important institution for governing supply of money in a free market economy is the network of organizations and laws that we call the banking system. Banking was not consciously intended as an institution for governing the money supply. Instead it was the product of entrepreneurial merchants trying to make a profit. But as is often the case, the pursuit of profit had enormous unintended consequences. In this case, those consequences were highly beneficial.
Read Full Article »
Comment
Show comments
Hide Comments
