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ECONOMIC RECESSIONS, BANKING REFORM AND THE FUTURE OF CAPITALISM
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ECONOMIC RECESSIONS, BANKING REFORM AND THE FUTURE OF CAPITALISM
Annotation
PII
S042473880000616-6-1
Publication type
Article
Status
Published
Authors
Jesus Huerta de Soto 
Edition
Volume 49 Issue 1
Pages
19-32
Abstract

In the 2010 Hayek Memorial Lecture at the London School of Economics and Political Science the author argues that flows in the design of monetary and financial system were responsible for the global financial crisis and the subsequent recession. The crash reflected the unsustainable nature of the bubble induced by artificial credit expansion created by the fractional-reserve banking under the direction of central banks. Such boom-bust cycles will continue until radical reforms are implemented, including a 100% reserve requirement for demand deposits.

Keywords
Austrian economics, central banking, economic cycles, financial crisis, fractional reserve banking
Date of publication
01.01.2013
Number of purchasers
1
Views
704
Readers community rating
0.0 (0 votes)
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References



Additional sources and materials

Hayek F.A. (1935). The Maintenance of Capital // Economica. Vol. 2. No 7. P. 241–276.


Hayek F.A. (1937). Investment that Raises the Demand for Capital // Review of Econ. and Statistics. Vol. 19. No 4. P. 73–82 (Reprinted in: Profi ts, Interest and Investment. L., 1939).


Hayek F.A. (1948). The Ricardo Effect. In: “Individualism and Economic Order”. Chicago: University of Chicago Press.


Hayek F.A. (1975). The “Paradox” of Saving. In: “Profi ts, Interest and Investment and other Essays on the Theory of Industrial Fluctuations”. Clifton: Augustus M. Kelley.


Hayek F.A. (1978). Three Elucidations of the Ricardo Effect. In: “New Studies in Philosophy, Politics and the History of Ideas”. L.: Routledge & Kegan Paul.


Hayek F.A. (1984). The Monetary Policy of the United States after the Recovery from the 1920 Crisis. In:


“Money, Capital and Fluctuations. Early Essays” / R.M. McCloughry (ed.). Chapter 1. Chicago: University of Chicago Press.


Hayek F.A. (1990). The Fatal Conceit: The Errors of Socialism. L.: Routledge; Chicago: University of Chicago Press.


Soto Huerta de J. (2009). Money, Bank Credit and Economic Cycles. (First Spanish edition. Auburn: Mises Institute, 1998).


Soto Huerta de J. (2010a). The Theory of Dynamic Effi ciency. L., N.Y.: Routledge.


Soto Huerta de J. (2010b). Socialism, Economic Calculation and Entrepreneurship.Cheltenham and Northampton: Edward Elgar.


Mises L. von (1980). The Theory of Money and Credit. (First German edition, 1912; 2nd German edition. Indianapolis: Liberty Classics, 1924).

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