Mostly because of economic theories that turned out to be empirically wrong during the 20th. Most countries where free banking was the norm had very stable fin

Mostly because of economic theories that turned out to be empirically wrong during the 20th. Most countries where free banking was the norm had very stable financial systems. https://en.wikipedia.org/wiki/Free_banking https://en.wikipedia.org/wiki/Free_banking Note that the United States never had free banking.