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Book SynopsisThe United States has had a tumultuous monetary and banking history. The bitter Bank War during Andrew Jackson's presidency meant that the country never developed a central bank in the 1800s. The preCivil War monetary standard was deflationary until the fortuitous California gold discovery. Political turmoil erupted later in the nineteenth century over whether the government should freely coin silver. Meanwhile, Congress imposed a banking system that virtually drove bank reserves into stock market speculation. Even when the Federal Reserve was finally established in 1913, it was initially decentralized and unable to effectively respond to the Great Depression. From this narrative emerges a money supply increasingly managed by central banking authorities and increasingly nationalized with the end of the gold standard. Efficient Macro Concept: U.S. Monetary, Industrial, and Foreign Exchange Policies shows that the next step forward is a set of industrial and foreign exchange policy optio
Trade ReviewWilliam Mannen’s Efficient Macro Concept is a provocative tour through America’s money and banking history as he makes an evolutionary case for a new monetary– industrial policy in a post–quantitative easing world. -- Gary Clayton, Northern Kentucky University
Table of ContentsPart I: The Money Supply in Historical Perspective Chapter 1: Beyond Monetary Policy Chapter 2: The Development of a Specie Standard Chapter 3: The U.S. Banks and Antebellum Panics Chapter 4: Greenbacks, Gold, and Silver Purchases Chapter 5: The National Banking System Chapter 6: Reform Proposals and Legislation Chapter 7: The Early Federal Reserve Chapter 8: The Great Depression Chapter 9: Postwar Adjustments Chapter 10: The Great Inflation Chapter 11: The Fiat Era Part II: Industrial and Foreign Exchange Policy Options Chapter 12: The Need for Efficiency Chapter 13: EDAS I Chapter 14: EDAS II Chapter 15: EDAS III Chapter 16: CNF Chapter 17: EDAS IV Chapter 18: ESF Chapter 19: Monetary Policy Outflow/Inflow Chapter 20: Market Stability Glossary Bibliography
