Central banks gained currency-issuing privileges by legislation, George Selgin argues

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30.05.2026

Central banks gained currency-issuing privileges by legislation, George Selgin argues — Central bank monopolies shaped by law

George Selgin challenges the argument that central banks arise naturally and that free banking systems are unsustainable.

He points out that currency-issuing privileges were granted to specific institutions through legislation, enabling those banks to develop monopolies rather than this being an inevitable outcome of market forces.

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Selgin has previously challenged conventional interpretations of financial history. He argued that wildcat banks did not cause the 1837 Panic, noting they appeared after the crisis began. In a separate analysis, he said that comparing New Deal deficits to potential GDP better reflects their actual impact on the economy.

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