By Allan H. Meltzer
808 pages | forty seven line drawings, seventy six tables | 6 x nine | © 2002
Allan H. Meltzer's huge background of the Federal Reserve approach tells the tale of 1 of America's such a lot influential yet least understood public associations. this primary quantity covers the interval from the Federal Reserve's founding in 1913 in the course of the Treasury-Federal Reserve Accord of 1951, which marked the start of a bigger and tremendously replaced institution.
To comprehend why the Federal Reserve acted because it did at key issues in its background, Meltzer attracts on assembly mins, correspondence, and different inner records (many made public merely throughout the Seventies) to track the reasoning at the back of its coverage judgements. He explains, for example, why the Federal Reserve remained passive all through lots of the fiscal decline that resulted in the nice melancholy, and the way the Board's activities helped to supply the deep recession of 1937 and 1938. He additionally highlights the impression at the establishment of people resembling Benjamin robust, governor of the Federal Reserve financial institution of latest York within the Twenties, who performed a key position within the adoption of a extra lively financial coverage by means of the Federal Reserve. Meltzer additionally examines the impact the Federal Reserve has had on overseas affairs, from makes an attempt to construct a brand new foreign economic climate within the Twenties to the Bretton Woods contract of 1944 that validated the overseas financial Fund and the realm financial institution, and the failure of the London monetary convention of 1933.
Written by way of one of many world's top economists, this magisterial biography of the Federal Reserve and the folks who contributed to shaping it's going to curiosity economists, significant bankers, historians, political scientists, policymakers, and someone looking a deep figuring out of the establishment that controls America's handbag strings.
"It was once 'an remarkable orgy of extravagance, a mania for hypothesis, overextended company in approximately all strains and in each component to the country.' An Alan Greenspan rumination concerning the irrational exuberance of the past due Nineteen Nineties? test the 1920 annual file of the board of governors of the Federal Reserve. . . . to appreciate why the Fed acted because it did—at those severe moments and lots of others—would require years of research, poring over letters, the mins of conferences and inner Fed records. this type of job might certainly deter so much students of financial background yet now not, thank goodness, Allan Meltzer."—Wall road Journal
"A seminal paintings that anybody drawn to the internal workings of the U. S. imperative financial institution may still learn. a piece that students will mine for years to come."—John M. Berry, Washington Post
"An enormously transparent tale approximately why, because the principles that truly knowledgeable coverage developed, issues occasionally went good and occasionally went badly. . . . you'll in simple terms wish that we don't have to attend too lengthy for the second one installment."—David Laidler, magazine of financial Literature
"A thorough narrative historical past of a excessive order. Meltzer's research is persuasive and acute. His paintings will stand for a iteration because the benchmark historical past of the world's strongest financial establishment. it's a powerful, even awe-inspiring achievement."—Sir Howard Davies, occasions larger schooling complement
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Additional resources for A History of the Federal Reserve: 1913-1951 (A History of the Federal Reserve, Volume 1)
38 Subsequent historical studies on textile machinery have, as Kirk put it, 'exclusively focussed on the technical characteristics of the equipment to the neglect of the machinery-supplying industry'. 39 The authors referred to above have all shown that British textile machine makers were very active in international markets. But the bulk of the 36 38 39 37 See Footnote 53, Ch. 1, p. 21, above. Mathias, First Industrial Nation, p. 232. M. Berg, The Machinery Question and the Making of Political Economy, 1815—1848 (Cambridge, 1980), p.
Cole, British Economic Growth, 1688— 1959 (second edition, Cambridge, 1978), p. Mathias, The First Industrial Nation (Second Edition, London, 1983), p. 110. A. Burstall, A History of Mechanical Engineering (London, 1963), p. 229. R. M. Kirk, The Economic Development of the British Textile Machinery Industry, c. D thesis, 1983), p. 1. For an account of the development of the Roberts automatic mule, see K. Bruland, 'Industrial conflict as a source of technical innovation: three cases', Economy and Society, 1 1 , 2 (1982), pp.
A. Burstall, A History of Mechanical Engineering (London, 1963), p. 229. R. M. Kirk, The Economic Development of the British Textile Machinery Industry, c. D thesis, 1983), p. 1. For an account of the development of the Roberts automatic mule, see K. Bruland, 'Industrial conflict as a source of technical innovation: three cases', Economy and Society, 1 1 , 2 (1982), pp. 9 1 - 1 2 1 . 31 British technology and European industrialization of the textile industry. 2 indicates. 5 percent. Most estimates of capital formation, though often necessarily tentative, show capital equipment or the value of the fixed capital stock increasing at a somewhat faster rate.