Economic Policy Options for an Independent Scotland, a report by Dr Jim Cuthbert and his economist wife Margaret, takes "a radical look" at Scotland's choices.
Commissioned by nationalist group Options for Scotland and think-tank the Jimmy Reid Foundation, the report said it is "a given" that Scotland could be a viable independent country.
It sets out economic options such as an independent currency and freedom to choose international alliances, and potential constraints such as the high degree of foreign ownership of land and businesses and international trade rules.
It rejects critics who say Scotland is too small to have a stable independent currency, pointing to international examples and arguing that using the pound or the euro would cede fiscal control to England or Germany.
"The basic choice for an independent Scotland as regards monetary policy would be whether it wanted to control its own monetary policy, in which case it would need to have its own currency, or whether to opt for some arrangement like membership of a currency union, or operating a currency peg, both of which would involve ceding control over monetary policy," it says.
"Without its own currency, can Scotland escape from the drawbacks of having a monetary policy delivered primarily in the interests of the South East of England, or indeed of Germany, if Scotland chose to join the euro?
"On the other hand, it is sometimes objected that an economy of Scotland's size, with its own currency, would have an inherently unstable exchange rate. This is not necessarily so: in fact, countries like Norway, Denmark, and Switzerland have managed their currencies historically in a more stable fashion than the UK."
Around £16.7 billion of oil money flows out of Scotland and over half (55%) of oil jobs are located outside Scotland, the report states.
"A fundamental priority of an independent Scotland will be to change the terms in which the above resources are exploited, so that more of the benefit stays in Scotland."
Scotland could raise oil taxes or wield "the ultimate power" of nationalisation but it is more likely to restructure tax incentives and licensing conditions to keep more money in Scotland, the authors said.
Scotland is "a feudal country where 432 families own half of non-public land", the report states.
"Scotland, which is one of the few countries in Europe which allows wealthy foreigners to buy up unlimited amounts of land, contrasts, for example, with Norway where land can only be held by residents."
There are "minimal barriers" to foreign takeovers, including in Scotland's whisky industry which is now largely in foreign hands, according to the authors.
"A series of uncontrolled takeovers has meant that most of the whisky industry is now foreign controlled. Some estimates put outside control at 83% of the industry."
The country would need to find a way to inhibit foreign takeovers without infringing EU competitiveness and state aid laws, damaging Scotland's attractiveness to foreign companies and "featherbedding" Scottish companies so that their relative productivity gets out of line with international competitors.
The authors suggest a corporate governance system similar to Germany where employees and shareholders can limit foreign takeovers.
An independent financial sector could avoid "the cultures of greed and excessive risk taking" that damaged the UK sector, the report states.
"It is just not conceivable that an independent Scotland would have let RBS build up the potential trillion pound exposure to the derivatives market which it was reported to have before the crash," it said.
The country's path to EU membership is "currently unclear" but it would have a strong hand in accession negotiations with its control of major natural resources and fisheries, it said.
"If the EU was seeking to impose too many burdensome requirements, then there are other options Scotland could explore, like membership of Efta (European Free Trade Association)."
Efta represents four European countries: Iceland, Liechtenstein, Norway and Switzerland.
Robin McAlpine, director of the Jimmy Reid Foundation, said: "This is a vision for the Scottish economy which could be built on real enterprise backed by a wealth of natural resources and in which everybody benefits, not just the few."
Gordon Wilson, former SNP leader and director of Options for Scotland, said: "Let no one say that those in favour of independence fear coming forward with constructive ideas for the running of Scotland after a Yes vote."