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 financi...
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| Format: | eBook |
| Language: | English |
| Published: |
New York :
Routledge,
2015.
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| Series: | Routledge explorations in economic history ;
69. |
| Subjects: | |
| Online Access: | Connect to the full text of this electronic book |
| 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 taxpayers' expense during the recent Great Recession.This book is a study of the causes of the Fed's errors, with lessons for an improved monetary authority, beginning with an examination of the history of central banks, in which it is found that their performance depended on their incentives, as is to be expected of economic agents. An implication of these findings is that the Fed's failings must be traced to its institutional independence, particularly of the public welfare. Consequently, its policies have been dictated by special interests: financial institutions who desire public support without meaningful regulation, as well as presidents and those portions of Congress desiring growing government financed by inflation. |
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| Item Description: | Electronic resource. |
| Physical Description: | 1 online resource (222 pages) : illustrations, plates |
| Bibliography: | Includes bibliographical references and index. |
| ISBN: | 9781317704324 1317704320 |