Central Banking in a Democracy - The Federal Reserve and Its Alternatives

The Federal Reserve System, which has been Congress's agent for the control of money since 1913, has a mixed reputation. Its errors have been huge. It was the principal cause of the Great Depression of the 1930s and the inflation of the 1970s, and participated in the massive bailouts of financial institutions at taxpayer's expense during the recent Great Recession.

List of contents

1. Introduction 2. Early central banks 3. Central banking in the United States, 1847-1913 4. The Federal Reserve Sysyem, 1913-51 5. The Federal Reserve, 1951-99 6. The Great Recession 7. Bank regulation 8. Conclusion: The necessity and possibility of replacing the Fed

About the author

John H. Wood is Reynolds Professor of Economics at Wake Forest University, Winston-Salem, North Carolina, USA.

Summary

The Federal Reserve System, which has been Congress’s agent for the control of money since 1913, has a mixed reputation. Its errors have been huge. It was the principal cause of the Great Depression of the 1930s and the inflation of the 1970s, and participated in the massive bailouts of financial institutions at taxpayer’s expense during the recent Great Recession.

Product details

• Authors: John Wood, John H. Wood, John H. (Wake Forest University Wood
• Publisher: Taylor & Francis Ltd.
• Languages: English
• Product format: Hardback
• Released: 15.10.2014
• EAN: 9781138016392
• ISBN: 978-1-138-01639-2
• No. of pages: 222
• Series: Routledge Explorations in Economic History; Routledge Explorations in Econ; Routledge Explorations in Economic History; Routledge Explorations in Econ
• Subjects: Social sciences, law, business > Business > Individual industrial sectors, branches; Business & Economics / General, BUSINESS & ECONOMICS / Economics / General, BUSINESS & ECONOMICS / Economic History, BUSINESS & ECONOMICS / Banks & Banking, Banking, Economic history, History of the Americas, Monetary Economics, Modern Period, C 1500 Onwards