SéMINAIRE DE RECHERCHE EN éCONOMIE - GATE Lyon Saint-Etienne : Francesco Giacomini

Francesco Giacomini présentera un séminaire intitulé : Bitcoin : New Financial Order or Libertarian Dystopia ? An Answer from The Past : Scotland 1727-1845 - A Critical Review of Decentralised Systems of Private Money Supply.

Résumé / abstract  : This research debunks the myth of Bitcoin as a new financial order by using ahistorical example. The 2008 financial crisis sparked many doubts over theindependent role of central banks, renewing libertarians’ argument for adecentralised system of money supply. In the same year, Bitcoin was born andaimed at creating a monetary regime independent from central banks. TodayBitcoin represents one of the many 2500+ cryptocurrencies, in a privately issue,free-market currency system worth US$270+bn. Libertarian enthusiasts hail thenew financial revolution, seeing a resurgence of the glorious 19th century era offree banking : a decentralised monetary system where banks competed andfreely issued their own banknotes, unfettered by the constraint of central banks.By reviewing the most famous free banking case, Scotland 1727-1845, thisresearch creates a parallel with Bitcoin and the cryptocurrency market. I arguethat the Scottish free banking, as well as the cryptocurrency market, are twofinancial systems only superficially decentralised. I bring evidence that, withouta central authority, both regimes eventually ran free-wheel into monopolies anddeveloped hidden agents capable of regulating the allegedly free-market ofcurrencies.