A history of central banking in the United States, 1791-1991.
Item
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Title
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A history of central banking in the United States, 1791-1991.
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Identifier
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AAI9417483
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identifier
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9417483
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Creator
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Klatil, Milada.
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Contributor
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Adviser: Lindsey Churchill
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Date
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1994
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Language
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English
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Publisher
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City University of New York.
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Subject
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Business Administration, Banking | Economics, Finance | Economics, History
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Abstract
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The dissertation is a socio-historical analysis of central banking in the United States starting with the First Bank of the United States, founded by Alexander Hamilton in 1791.;The purpose of this study is to answer the question of how is it possible that in a democratic society a statutory majority of five members on the semi-private Federal Open Market Committee, the major decision-making body of the Federal Reserve System, can decide in closed sessions monetary policies which deeply affect the whole nation.;A common denominator which runs throughout the history of banking is the conflict between Jeffersonian and Hamiltonian principles, classified as the populist and the technocratic way of thinking. These two trends are related to Max Weber's ideal types of substantive and instrumental rationality.;The answer to the initial question is found in the domination of instrumental rationality in our times. The Banking Act of 1935 marks the culmination of the power of the technocrats and a retreat from the principles of Jeffersonian democracy.;Related questions deal with the toleration and justification of power by laws, habits, stereotypes, excessive reliance on experts, due to the general lack of knowledge about banking, and obstacles to change.
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Type
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dissertation
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Source
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PQT Legacy CUNY.xlsx
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degree
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Ph.D.
