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George Selgin: Antebellum U.S. free banking systems were flawed examples

George Selgin: Antebellum U.S. free banking systems were flawed examples
Antebellum U.S. free banking flaws

George Selgin questions the reputation of antebellum U.S. free banking systems, stating that serious monetary historians do not consider these arrangements to be good examples of true free banking.

He notes that while often cited, these systems were deeply flawed and were considered 'free' in name only.

Selgin has previously clarified that advocates of fractional reserve banking do not oppose the availability of fully backed accounts. He has also examined the competitive landscape between FedNow and private RTP systems, noting the lack of profit expectations from the government-run payment service. His commentary often focuses on clarifying points around banking practices and policy debates.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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