This analysis reveals the influence of Adam Smith on Chile’s 1860 Banking Law through Courcelle-Seneuil.
Chile’s 1860 Banking Law established a system of free banking that seems similar to the Scottish one. It may not be a coincidence. The drafter of the law was Jean Gustave Courcelle-Seneuil, an admirer of Adam Smith on money and banking and of the Scottish free banking system, thus making Adam Smith’s banking ideas a contributing influence (so far, unrecognized) on Chilean free banking.
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Maria Pia Paganelli (2026) studied this question.
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