This talk examines the development, operation and performance of monetary systems in the absence of government intervention. Topics covered include the spontaneous evolution of money, the rise of banks, bank self-regulation under competition and crisis management in the absence of a central bank.

The speaker is George Selgin, director of the Center for Monetary and Financial Alternatives at the Cato Institute, and professor emeritus of economics at the University of Georgia. This talk was recorded on July 6, 2015, at Objectivist Summer Conference 2015 in Charlotte, North Carolina.

Additional resources:

• “Is Fractional-Reserve Banking Inflationary?” by George Selgin

• “Should We Let Banks Create Money?” by George Selgin

• “Has the Fed Been a Failure?” by George Selgin

• Less Than Zero: The Case for a Falling Price Level in a Growing Economy by George Selgin

• Free Banking and the Fed [Video] with George Selgin

• Previously on The Yaron Brook Show: George Selgin on Free Banking with Don Watkins

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