, Volume 8, Issue 2, pp 25-38

A critical analysis of central banks and fractional-reserve free banking from the Austrian school perspective

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Jesús Huerta de Soto is professor of economics and politics at Universidad Complutense de Madrid, Spain. He dedicates this article to James M. Buchanan, in gratitude for his having publicly defended and supported the author when he put forward the most important ideas contained herein at the last regional meeting of the Mont Pèlerin Society, which took place in Rio de Janeiro, September 1993. The author would also especially like to give his thanks to the late Professor Murray N. Rothbard who took great trouble to make the exposition more readable, as well as to two anonymous referees, for their detailed and constructive remarks.