The Challenge of Credit Supply: American Problems and Solutions, 1650-1950

by Michael Anthony Kirsch

Overview

This book is for anyone seeking a succinct and accessible treatment of the most pivotal financial and monetary policies throughout American history from 1650-1950. But it is especially written for those who desire an intricate and detailed knowledge of how and why these policies worked with respect to the supply of adequate credit for economic development. A thorough examination of key credit institutions and their specific powers, functions, mechanisms, context, and economic impact brings the reader to a recognition of which policies and institutions were successful and unsuccessful in supporting the economy and preventing crisis. 

Its extensive use of primary sources, period literature, and carefully chosen quotations allows the reader to participate in the original discussion and issues that faced Americans in each era. This vivid account leads to a unique grasp of relationships between essential facts, ideas, and time periods. The reader is rewarded with the rare experience of seeing the evolution of three hundred years of policy development as an integrated process. 

The book’s content will be new and provoking to the academic, policy maker, and economist, but is presented in a manner and style ensuring comprehension for a general audience and those new to the topics involved. Many of the lessons learned in the course of the investigation are relevant and applicable to modern economic and financial policies. 

Product Details

ISBN-13:	9781622730773
Publisher:	Vernon Art and Science Inc.
Publication date:	06/23/2016
Series:	Vernon Series In Economic History
Sold by:	Barnes & Noble
Format:	eBook
Pages:	274
File size:	507 KB

About the Author

Michael Anthony Kirsch is a scholar and researcher living in Arlington, Virginia. His deep interest in economic development and infrastructure investment led him to become intrigued by the relationship between banking, finance, and economic growth in U.S. history. In 2014 he began an in depth treatment of the financial system's ability to facilitate development throughout that history. That work led to this book. His exhaustive research and documentation will make this chronicle a permanent item on the bookshelf of anyone who has an interest in the evolution of monetary policy and development in the U.S. Michael is originally from Stevens Point, Wisconsin.

Table of Contents

Introduction Part I Early American Banking and Credit Chapter 1 The 1687 Bank of Credit and the First Colonial Bills of Credit Chapter 2 Expanded Uses of Bills of Credit in the 1720s-1760s Part II The Bank of North America, the Bank of the United States, and the Development of the Funding System Chapter 3 Designing a Currency with Credit Chapter 4 The Bank of North America Takes Action Chapter 5 The 1782-1783 Origins of the Bank-Based Funding System Chapter 6 The Economic Path to the U.S. Constitution Chapter 7 The Bank of the United States and the Funded Debt Part III The Second Bank of the U.S. as an Instrument for Economic Growth Chapter 8 Currency Disorder and the Finances of Madison's Second Term Chapter 9 The Bank and the Economic Depression of 1818-1822 Chapter 10 The Bank and the Economic Growth of the 1820s and 1830s Chapter 11 Confirming the Success of the Bank Part IV The Return to Currency Management and the Promise of the National Banking System Chapter 12 The Independent Treasury and State Banking Chapter 13 The Departure from the State Banking Era Chapter 14 Banking&Funding Strategy 1863-1865 Part V The Challenges and Problems of the National Banking System Chapter 15 Circulation Limitation and Other Errors of Implementation 1865-1870 Chapter 16 Speculation and the Crisis of 1873 Chapter 17 Partisan Wrangling and the Decline of National Bank Circulation Chapter 18 National Bank Difficulties and Financial Crisis 1879-1907 Part VI The Federal Reserve and the Credit Modifications of the 1930s-1940s Chapter 19 The Federal Reserve System and its Beginnings Chapter 20 Fed Discount Limitation Problems and the Amendments of 1929 -1933 Chapter 21 Credit Supply Initiatives of 1934-1935 Chapter 22 Fed Lending Powers and Proposals 1939-1950 Conclusion Appendices Appendix I The Causes of Inflation and Increases in the Price of Gold 1862-1865 Appendix II Oversights of the National Banking Acts of 1863 and 1864 Acknowledgements Notes Bibliography Index