Triumph of the Bankers: Money and Banking in the Eighteenth and Nineteenth CenturiesBloomsbury Academic, 28. jul. 1993 - 208 strani In this sure-to-be-controversial history of money and banking, Hixson examines the historical and resulting present-day deficiencies of the U.S. monetary and banking system. His study reveals that in a whole series of historical cases over the eighteenth and nineteenth centuries faulty economic principles were applied to the developing system. His bold conclusions include suggestions that: commercial banks should be required to maintain 100 percent reserves on all demand-deposit accounts and thus be denied the present privilege of creating credit-money; and the federal government should be the sole creator of money in the economy. As in his previous book, Hixson challenges generally accepted historical and economic wisdom, making this a significant contribution to the literature. |
Vsebina
Introduction | 1 |
Smiths Law and Fishers Equation of Exchange | 3 |
The Impracticality of a Gold or Silver Standard | 9 |
Avtorske pravice | |
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Adam Smith amount Bank of England bank-created money bankers banknotes bimetallists bonds borrowed Britain British capital century Chapter circulation coinage colonial notes Congress Constitution cost create money creditors debt debtors deflation demand deposits discount domestic economists economy entrepreneurs exchange fact federal government financing Fisher's Equation fractional reserves gold and silver gold or silver gold reserves gold standard government-created money greenbacks growth rate Hammond historians importance issue of paper Kellogg legal tender less loans matter monetary money creation money supply nation's money supply National Banking Act national currency paid paper money paper money issued payment Pennsylvania percent per annum period precious metals price level private banks produce profits prosperity purchasing power quantity rate of interest ratio redeemable result shillings silver coins silver standard Smith's Law specie state-chartered banks supply of gold Table taxes trade treasury U.S. Government Printing United States notes