PANORAMIC VIEW OF ECONOMIC CRISES IN THE UNITED STATES 1819-1857: HISTORICAL PERSPECTIVE

Fethia Braik

doi:10.18769/ijasos.337338

EN

PANORAMIC VIEW OF ECONOMIC CRISES IN THE UNITED STATES 1819-1857: HISTORICAL PERSPECTIVE

Abstract

Eager to understand and to overcome the 2007 crisis, economists worldwide are struggling to provide better understanding of past panics. Researches revealed that the recent crisis and the Great Depression, the most severe ever witnessed by the United States, share some similarities. Most of the financial calamities started in the United States and spread internationally since they occurred in a world of interconnected trade. In narrative histories of US financial panics, little is found about similarities and differences of the panics. “All is forgotten until another storm comes”. Contemporary commentators and economic scholars do not seem to have the same identification of the events leading up to banking panics. The result is revealed in the number of panics they give when referring to US economic history. The most recent definition of banking panic is provided by Calomiris and Gorton. A banking panic may occur when depositors ask for immediate redemption for cash. My paper studies most panics, be they major or minor, from 1819 to 1857; with attributing more importance to the latter being focal point in the economic history of the country. My work is a combination of historiography, clinical survey, and analysis. It comprehends history of the panics, analysis of causes basically failures of companies and banks, and stamen of similarities and differences.

Keywords

Bank failure,bank panic,economic crisis

References

Betz Frederick, (2014). Why Bank Panics Matter, Cross-disciplinary Economic Theory, Springer International Publishing, Switzerland, Calomiris W. C.; Schweikart L., (4th Dec, 1991). The Panics of 1857: Its Origins, Transmission, and Containment, in Journal of Economic History 51:807-834, Castells M, Caraça J., Cardoso G. (Eds). (2012).The Cultures of the Economic Crisis: An Introduction, Oxford University Press, UK, Houstan J.L. (1987). The Panic of 1857 and the Coming of the Civil War, Louisiana State University Press, Rothbard N. Murray. (1962).The Panic of 1819: Reactions and Policies, Columbia University Press, USA, Trask H.A. Scott. (March 2002). The Panic of 1837 and the Contraction of 1839-43: a Reassessment of its Causes from an Austrian Perspective and a Critique of Free Banking Interpretation, Kurzweg Fellow, Mises Institue,

Details

Primary Language

English

Subjects

-

Journal Section

Research Article

Authors

Fethia Braik
Algeria

Publication Date

August 31, 2017

Submission Date

September 8, 2017

Acceptance Date

July 19, 2017

Published in Issue

Year 2017 Volume: 3 Number: 8

DOI

https://doi.org/10.18769/ijasos.337338

IZ

https://izlik.org/JA92NE79MY

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RIS / Bibtex

EndNote

Braik F (August 1, 2017) PANORAMIC VIEW OF ECONOMIC CRISES IN THE UNITED STATES 1819-1857: HISTORICAL PERSPECTIVE. IJASOS- International E-journal of Advances in Social Sciences 3 8 699–706.

Öz

PANORAMIC VIEW OF ECONOMIC CRISES IN THE UNITED STATES 1819-1857: HISTORICAL PERSPECTIVE

Abstract

Keywords

References

Details

Primary Language

Subjects

Journal Section

Authors

Publication Date

Submission Date

Acceptance Date

Published in Issue

DOI

IZ

Cite