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Free Banking in Scotland, 1695-1845

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  • Dow, Sheila C
  • Smithin, John

Abstract

Scottish banking experience in the period 1695-1845 is frequently used in support of arguments in favor of free banking. The purpose of this article is to assess whether this experience can be treated as a case study in free banking and whether the experience does support the free-banking argument. It is concluded that the case is a relevant one, albeit with its own particular features. Nevertheless, the Scottish experience suggests that free competition in banking leads to concentration and to leading banks taking on central banking functions. The implication is that free banking in the pure sense is unsustainable. Copyright 1992 by Scottish Economic Society.

Suggested Citation

  • Dow, Sheila C & Smithin, John, 1992. "Free Banking in Scotland, 1695-1845," Scottish Journal of Political Economy, Scottish Economic Society, vol. 39(4), pages 374-390, November.
    • Handle: RePEc:bla:scotjp:v:39:y:1992:i:4:p:374-90
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    Cited by:

    1. Ignacio Briones & Hugh Rockoff, 2005. "Do Economists Reach a Conclusion on Free-Banking Episodes?," Econ Journal Watch, Econ Journal Watch, vol. 2(2), pages 279-324, August.
    2. Rodriguez-Fuentes, Carlos J & Dow, Sheila C., 1999. "Financial deregulation, banking competition and regional development: the Spanish experience," ERSA conference papers ersa99pa299, European Regional Science Association.
    3. Sheila Dow, 2019. "Monetary Reform, Central Banks, and Digital Currencies," International Journal of Political Economy, Taylor & Francis Journals, vol. 48(2), pages 153-173, April.
    4. Sheila Dow & Guðrún Johnsen & Alberto Montagnoli, 2015. "A critique of full reserve banking," Working Papers 2015008, The University of Sheffield, Department of Economics.
    5. Victoria Chick & Sheila Dow, 2013. "Financial institutions and the State: a re-examination," Chapters, in: Louis-Philippe Rochon & Mario Seccareccia (ed.), Monetary Economies of Production, chapter 8, pages 99-111, Edward Elgar Publishing.

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