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| Author: | West, E. G. |
| Title: | Adam Smith's support for money and banking regulation: A case of inconsistency |
| Journal: | Journal of Money, Credit and Banking
1997 : FEB, VOL. 29:1, p. 127-134 |
| Index terms: | LIBERALISM BUSINESS-GOVERNMENT RELATIONS REGULATIONS MONEY BANKING |
| Language: | eng |
| Abstract: | The Bank of England originated in a deal between monopoly seeking financiers and a revenue-hungry government with war-seeking propensities. The taxpayer was the ultimate payee of the loans that the government secured form the new bank. Surprisingly Adam Smith did not focus much on governmental art of "draining money from the pockets of the people", but instead the actual regulation of private banks appears to have aided and abetted the development of the governmental alliance with the monopolizing bank. Adam Smith could have had second thoughts on his regulations to protect poor people from possible injuries from small bankers, if he had seen that his policy led to the widespread dismantling of the competitive banking system, he championed . |
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