Money: Whence It Came, Where It Went
John Kenneth Galbraith
Language: English
Pages: 324
ISBN: 0395198437
Format: PDF / Kindle (mobi) / ePub
Combines a history of money and monetary institutions, with an analysis of money's changing role in the sum total of economic analysis and policy.
1 7 III Banks 18 IV The Bank 28 V Of Paper 45 VI An Instrument of Revolution 58 VII The Money War 68 VIII The Great Compromise 84 IX The Price 101 X The Impeccable System 116 XI The Fall 134 XII The Ultimate Inflation 146 XIII The Self-inflicted Wounds 164 XIV When the Money Stopped 183 XV The Threat of the Impossible 198 XVI The Coming of J. M. Keynes 216 XVII War and the Next Lesson 235 XVIII Good Years: The Preparation 253 XIX The New Economics
notes, was 2 As Bray Hammond has noted — an important point — the Jacksonians were not less interested in making money than the people they attacked. They were a newer, more numerous generation of smaller entrepreneurs. Bray Hammond, Banks and Politics in America (Princeton: Princeton University Press, 1957), p. 326 et seq. 3 Chester Whitney Wright, Economic History of the United States (New York: McGraw-Hill Book Co., 1949), p. 370. The figures on note circulation and specie holdings are,
need to bridge the gap between current requirements and the later arrival of receipts. And this gap too widened with inflation. Neither this nor any other credit needs could be had from the banks; no banker, sane or insane, would make a loan which a few weeks later could be repaid with money having only a fraction of the value, i.e., purchasing power, of the original loan. So the Reichsbank had to provide loans directly to business. In December 1921, commercial discounts of the Reichsbank
Governors of the Federal Reserve System but then the head of a group of Utah banks of high reputation, told of what happened at one of his banks when word came that a neighboring institution, the Ogden State Bank, would not open its doors that day: I told . . . [the staff] what they would have to face in a few hours. "If you want to keep this bank open," I said, "you must do your part. Go about your business as though nothing unusual was happening. Smile, be pleasant, talk about the weather, show
possible connection between Roman and later Italian banking but concludes that "there is nothing in evidence now available to indicate any direct continuity in practice." (P. 402.) 2 A pioneer and exceedingly interesting study of early practice is Charles F. Dunbar's "The Bank of Venice," The Quarterly Journal of Economics, Vol. VI, No. 3 (April 1892). Banks of deposit to the number of a hundred or more came into existence in Venice in the thirteenth, fourteenth and fifteenth centuries. A very