The most sophisticated monetary and banking policy advice available in the decades after 1776was found in Adam Smith’s Wealth of Nations. Smith recommended free competition amongnationwide banks of issue with only minimal legal restrictions and no legal privileges. Yetneither Alexander...

Frontmatter -- Contents -- Foreword -- Introduction -- 1. Why Is the U.S. Banking Industry in Trouble? Business Cycles, Loan Losses, and Deposit Insurance -- 2. Public-Sector Deficits and Private-Sector Performance -- 3. An Empirical Analysis of Public Choice Aspects of the Savings and Loan...