By Benjamin M. Anderson
ISBN-10: 0913966681
ISBN-13: 9780913966686
In the turbulent years among passage of the Federal Reserve Act (1913) and the Bretton Woods contract (1945), the peoples of the Western international suffered international Wars, significant and a number of other minor overseas monetary panics, a scourge of forex devaluations and debt repudiations, civil wars, and revolutions. additionally they loved a decade of unheard of prosperity and a decade of unheard of melancholy and deflation. additionally they observed the start of a interval of lengthy, world-wide inflation.
No interval in heritage may well serve higher as a case examine for the research of utilized fiscal coverage. From his vantage element as economist for the Chase long island financial institution and editor of the Chase fiscal Bulletin, who participated in a lot of what he documents, Dr. Anderson the following describes the climactic occasions of a turbulent era.
Arthur Kemp is Professor Emeritus of Economics at Claremont McKenna College.
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Extra info for Economics and the Public Welfare
Sample text
It may be noticed, also, that the general average of stock prices had declined a great· deal before any real difficulties appeared for any great industry. In 1917 stock prices had a sharp decline late in the year as railroads came under heavy pressure from rising costs unaccompanied by rising rates, and an acute crisis was relieved by President Wilson's proposal in December, 1917, that Congress put the Government behind the railroads. But none of this was in evidence in October, 1916, when stock prices reached their peak and turned down.
We were concerned in World War I with profiteers. It troubled us that certain companies should make a great deal of money out of war. But we were more. concerned with getting results. We imposed very heavy taxes on excess profits and very heavy taxes on war profits, and we felt that it was better to let them make the profits and to tax them heavily than to slow them down by trying to prevent their making profits in the first place. We did not look upon a great war as primarily an opportunity for accomplishing sweeping social reforn1s or for reconstituting the basic principles of economic life.
The Outbreak 0/ the War in 1914 17 the early months of 1938. 00 in the early months of 1938. C. in 1937. Clearing HouseCertiftcates. In 1914 the New York banks, with liquidity suddenly impaired, though with assets which they trusted for the long pull, found themselves under unusual pressure to export cash. During the week ending July 31 the Clearing House banks and trust companies of New York lost 56 million dollars in cash reserve, of which 20 millions represented withdrawals by American and Canadian banks.
Economics and the Public Welfare by Benjamin M. Anderson
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