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Foreword [to the Original Edition] - Vera C. Smith, The Rationale of Central Banking and the Free Banking Alternative [1936]Edition used:The Rationale of Central Banking and the Free Banking Alternative, Foreword by Leland Yeager (Indianapolis: Liberty Fund, 1990).
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Foreword
This essay is a study of the historical and analytical bases of the development of Central Banking, the reasons why the note issue was made the exception to the general application of laissez-faire principles, and why Central Banking was adopted in preference to “Free Banking” with Competition in the note issue. It has been submitted and approved as a thesis for the Degree of Doctor of Philosophy in the University of London. My grateful thanks are due to Professor F. A. von Hayek, who first suggested the topic as a subject worthy of research and gave me valuable advice on many occasions. I should like also to acknowledge the assistance given me by the British Library of Political and Economic Science in obtaining some of the less easily accessible material. Vera C. Smith London |
