Free versus Regulated Banking: Three Centuries of Crisis and Stability in Great
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Description
Free versus Regulated Banking: Three Centuries of Crisis and Stability in Great . As a counterexample the author analyzes the banking system of Canada which, during 118 years of very light regulation, never experienced a systemic crisis compared to thirteen in the United States. Written in prose for the non-academic reader, Free Versus Regulated Banking dispels the entrenched myth that American banking panics of the 19th and early 20th centuries were brought about by lax government oversight and loose regulation, chronicling a myriad of state and federal laws that weakened and destabilized U.S. banks by transforming them into tools of fiscal policy. As a counterexample the author analyzes the banking system of Canada which, during 118 years of very light regulation, never experienced a systemic crisis compared to thirteen in the United States. The author also details the parallel histories of England and Scotland, the former highly regulated for two centuries by both Parliament and the privileged Bank of England while the latter is documented by monetary historians as the most laissez-faire banking system in the history of the industrialized world. In no surprise to those who've studied Anglo-North American banking more than the average politician, journalist, or even academic, England was rocked by at least seventeen financial crises across two centuries while the free Scottish system experienced none during its 129 years of free banking.
