Free banking

Free banking refers to a monetary arrangement in which banks are subject to no special regulations beyond those applicable to most enterprises, and in which they also are free to issue their own paper currency (banknotes).

Quotes

 * Hayek’s later monetary work constitutes some of his most creative practical policy suggestions. His ideas of competing and private currencies may come into existence during coming years for technological reasons.
 * Alan Ebenstein, Hayek's Journey: The Mind of Friedrich Hayek (2003), Introduction