Alternativeapproachestocurrencycompetitionfitintothreebroadcategoriesthat correspondtothreemodels ofso gọi là "freebanking"(SelginandWhite1994; Hayek1978; CowenandKroszner1994). Thekeyaspectineachapproachisthatgovernment involvementinthe moneyand paymentssystemisdramaticallyreducedoreliminated, andtheroleofprivateproducersofmonetaryservices isgreatlyenhancedAtthecoreof eachapproachistheabilityofprivatebanks, công ty, hoặc individualstoissueinstrumentsthatwill beusedasmeansofpayment (phương tiện truyền thôngofexchange). Monetarypolicy, totheextentthatsuchaconceptisoperativewhen monetaryissuesaredecentralized, wouldbelargelyinthehandsoftheprivatesector. Iwillprovideonlyanextremelycompactsummaryhere,withspecialattentiontohowtechnologyaffectsthefeasibilityofthealternativeapproaches.13
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