In the early to mid-18th century, the United States experimented with a decentralized banking system known as the free banking system. This period, which coincided with the rapid industrialization of the nation, allowed individual states to charter their own banks and issue their own banknotes. The system, while facing challenges, played a significant role in fostering economic growth and innovation, ultimately contributing to key societal … Continue reading The Free Banking System in 18th Century America: A Decentralized Approach to Banking