# free banking # Links A system in which banks would operate as private enterprises without any legal limitations, restrictions or privileges under such general laws, including those for bankruptcy, which are applicable to all types of free enterprise. Under such conditions banknotes would not be legal tender and the business of banks, including any issuance of banknotes, would be, like the business of other firms, solely dependent on their reputation and public acceptance. [[Human Action - Mises (HA)]] 443-48; [[Theory of Money and Credit (M.)]] 395-99. --- # References