A new agenda for Free Banking research
When presented with the idea of Free Banking - that is private money issuance - most people will shake their head and even most free market oriented think the idea of private money is insane or at least highly unrealistic. However, the fact is that money is not a government invention. Money developed spontaneously way before government got involved and there is no reason to believe that money could not be provided by the market rather than by governments in the future. There is a large literature on Free Banking, but most of this literature is unfortunately unknown to mainstream economists and policy makers alike and it free banking research has a very hard time becoming accepted as a serious area of economic research. Unfortunately I think the area is more or less dead now. Yes, George Selgin, Larry White and other still write about Free Banking, but very little truly new research is produced in the area. I therefore think a new research agenda for Free Banking research is needed. Not that there is anything wrong with the research done so far, but because we need a research agenda for the future rather than for the past. So far a lot of the Free Banking research has been focus on the history of Free Banking.