Parallel journeys: Adam smith and milton friedman on the regulation of banking

Research output: Contribution to journalArticle

3 Scopus citations

Abstract

Adam Smith and Milton Friedman are famous for championing laissez-faire, yet both supported government regulation of the banking system. In both cases their deviation from free market orthodoxy was based on a careful reading of financial history: especially Smith's reading of the Crisis of 1772 and Friedman's reading of the Crisis of 1929-1933. In both cases they based their reading on a complex and nuanced account of human nature. This paper describes their parallel journeys to the conclusion that banking requires government regulation.

Original languageEnglish (US)
Pages (from-to)255-283
Number of pages29
JournalJournal of Cultural Economy
Volume4
Issue number3
DOIs
StatePublished - Aug 1 2011

All Science Journal Classification (ASJC) codes

  • Cultural Studies

Keywords

  • Adam smith
  • Banking crisis
  • Milton friedman
  • Regulation

Fingerprint Dive into the research topics of 'Parallel journeys: Adam smith and milton friedman on the regulation of banking'. Together they form a unique fingerprint.

Cite this