cũng cung cấp cho chúng tôi một cơ hội để nghiên cứu những tranh cãi giữa những người ủng hộ của ngân hàng trung ương và các hậu vệ của một hệ thống ngân hàng miễn phí. Chúng ta sẽ thấy tại các thành viên đầu tiên của trường tiền tệ và bảo vệ các ngân hàng trung ương, và ngân hàng nhà lý thuyết trường ủng hộ một hệ thống ngân hàng miễn phí, | 602 Money Bank Credit and Economic Cycles also provide us with a chance to study the controversy between supporters of the central bank and defenders of a free banking system. We will see that at first members of the Currency School by and large defended the central bank and Banking School theorists favored a free banking system yet in the end the inflationist doctrines of the Banking School prevailed ironically under the auspices of the central bank. Indeed one of the most important conclusions of our analysis is that the central bank far from being a result of the spontaneous process of social cooperation emerged as the inevitable consequence of a fractional-reserve private banking system. In a fractional-reserve context it is private bankers themselves who eventually demand a lender of last resort to help them weather the cyclical economic crises and recessions such a system provokes. We will wrap up the chapter with a look at the theorem of the impossibility of socialist economic calculation. When applied to central bank operations this theorem explains the problems of administrative banking laws as we know them. Finally we will argue that current free-banking advocates usually make the mistake of accepting and justifying fractional-reserve practices and fail to see that such a concession would not only inevitably lead to the resurgence of central banks but would also trigger cyclical crises harmful to the economy and society. 1 A Critical Analysis of the Banking School In this section we will examine the theoretical arguments advocates of fractional-reserve banking have constructed to justify such a system. Although these arguments have traditionally been considered a product of the Banking and Currency School controversy which arose in England during the first half of the nineteenth century the earliest arguments on fractional-reserve banking and the two opposing sides the banking view versus the currency view can actually be traced back to contributions made
