Money, bank credit, and economic cycles

This book is a sweeping and revolutionary work that integrates history and rigorous theory to argue that the money and banking sector can be managed by the free market without central banks, inflation, business cycles, or economic instability.

It provides a wholesale reconstruction of the legal framework for money and banking from ancient times to modern times, applies law-and-economics logic to banking, critiques fractional-reserve banking, and applies the Austrian critique of socialism to central banking.

Huerta de Soto defends the Austrian perspective on business cycles, advocates for a 100% reserve requirement, and presents a policy program for radical reform.

The book is considered a masterpiece that demolishes the case for fiat currency and central banking, highlighting their negative impacts on economic stability and freedom.