George Selgin: Hayek scheme differs significantly from free banking models

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Ashutosh Sureka

28.03.2026

George Selgin: Hayek scheme differs significantly from free banking models — Hayek scheme versus free banking

George Selgin commented that Hayek's proposed scheme is fundamentally different from free banking systems.

Selgin emphasized that free banking, unlike Hayek's approach, is not utopian and has been closely approximated in several past instances. The statement underscores the distinction between historical banking models and Hayek's concept.

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Selgin has previously questioned the effectiveness of the Federal Reserve, describing the Canadian system as a superior model for currency stability. He has also argued that U.S. requirements for stablecoin issuers to obtain bank charters undermine their intended function. These positions reflect Selgin’s ongoing scrutiny of established and emerging monetary frameworks.

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