Abstract
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,
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
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
| Journal Section | Articles |
|---|---|
| Authors | |
| Publication Date | August 31, 2017 |
| Submission Date | September 8, 2017 |
| Published in Issue | Year 2017 |
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