The Chicago Plan & New Deal Banking Reform

M.E. Sharpe
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This work presents a comprehensive history and evaluation of the role of the 100 percent reserve plan in the banking legislation of the New Deal reform era from its inception in 1933 to its re-emergence in the current financial reform debate in the US.
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Publisher
M.E. Sharpe
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Published on
Dec 15, 1994
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Pages
258
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ISBN
9780765632678
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Language
English
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Genres
Business & Economics / Banks & Banking
Business & Economics / Economic History
History / United States / 20th Century
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Content Protection
This content is DRM protected.
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The Industrial Revolution built the foundation of our modern capitalist age. Yet the flowering of technological innovations during that dynamic period relied on the widespread adoption of two much older ideas: the creation of paper money and the invention of banks that issued credit. We take these systems for granted today, yet at their core both ideas were revolutionary and almost magical. Common paper became as precious as gold, and risky long-term loans were transformed into safe short-term bank deposits. As King argues, this is financial alchemy—the creation of extraordinary financial powers that defy reality and common sense. Faith in these powers has led to huge benefits; the liquidity they create has fueled economic growth for two centuries now. However, they have also produced an unending string of economic disasters, from hyperinflations to banking collapses to the recent global recession and current stagnation.

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