Monetary Evolution, Free Banking, And Economic Order

Steven Horwitz is assistant professor of economics and Dana Fellow at St. Lawrence University, Canton, New York. He is the author of numerous articles on monetary economics and the Austrian School. His research has appeared in Review of Social Economy, Southern Economic Journal , and Critical Review . He is also a contributing editor of Critical Review and an academic advisor to the Heartland Institute.

• 0. Introduction 1. Problems with Formal Models of Monetary Exchange 2. Rules, Institutions, and the Evolution of Economic Order 3. Money as the Language of the Market Process 4. The Evolution of Monetary Order 5. Regulatory Chaos and Spontaneous Order Under the National Banking System 6. Conclusion: Money in a Nonrationalist Approach to Economic Systems