Free Banking
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Free banking is a theory of banking in which market forces control the provision of banking services, where there is no central bank to protect commercial banks from bank runs and where money production is unregulated by government. Under free banking, government-supported central banks and currency boards do not exist, banking-specific government regulations are either non-existent or not as strict, and general commercial laws against fraud, insolvency and bankruptcy apply to banks as they apply to other commercial entities. Unregulated banking services may include the provision of full…mehr

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Free banking is a theory of banking in which market forces control the provision of banking services, where there is no central bank to protect commercial banks from bank runs and where money production is unregulated by government. Under free banking, government-supported central banks and currency boards do not exist, banking-specific government regulations are either non-existent or not as strict, and general commercial laws against fraud, insolvency and bankruptcy apply to banks as they apply to other commercial entities. Unregulated banking services may include the provision of full reserve banking services, bank note issuance by private institutions (which could be backed by the liquid assets of the bank or by gold or silver), cheque accounts, deposit acceptance, and/or money lending.