An introduction to political economy focusing on money, banking and funding of government.

Money, Banking, & Public Finance From a Capitalist Perspective

TOPICS COVERED

1. Money — functions & forms — metal, paper, plastic and bits — market-based versus fiat-based

2. Banking — financial intermediation — types; depository, commercial, investment — free banking versus central banking

3. Public Finance — funding of government spending — taxing, borrowing and money-creation — deficits, debts and unfunded entitlements — fiscal rectitude versus fiscal profligacy

READINGS

Selgin, George, and Lawrence White. 1987. “The Evolution of a Free Banking System.” Economic Inquiry. Volume 25, Issue 3, pages 439–457.

The Importance of the Dollar as World Currency (Podcast with Barry Eichengreen) (http://www.econtalk.org/archives/2011…)

Surowiecki, James, “A Brief History of Money,” (http://spectrum.ieee.org/at-work/inno…)

Dr. Salsman is president of InterMarket Forecasting, Inc., an investment forecasting and consulting firm in Durham, N.C. and assistant professor in the program on Philosophy, Politics and Economics (PPE) at Duke University. He is the author of numerous books, chapters and articles, including Breaking the Banks: Central Banking Problems and Free Banking Solutions (1990) and A Gold and Liberty (1995), both of which were published by the American Institute for Economic Research, and The Political Economy of Public Debt: Three Centuries of Theory and Evidence (Edward Elgar Publishing, 2017). He is also a Contributing Editor for The Objective Standard.

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