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An end to private banking: early New Deal proposals to alter the role of the federal government in credit allocation

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  • Ronnie J. Phillips

Abstract

In the 1930s, monetary reform proposals put forward by economists sought to avoid the socialization of lending by facing squarely the problem of distinguishing between money and credit. Had these proposals been fully implemented in place of the New Deal banking legislation, the role of the federal government in credit allocation might have been radically different. In this paper, these proposals will be evaluated and the reasons they were not adopted will be examined. Lessons can then be drawn for policy changes today that would both enhance monetary control and reduce the demands for more federal government credit allocation. Copyright 1994 by Ohio State University Press.
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Suggested Citation

  • Ronnie J. Phillips, 1994. "An end to private banking: early New Deal proposals to alter the role of the federal government in credit allocation," Proceedings, Federal Reserve Bank of Cleveland, pages 552-571.
  • Handle: RePEc:fip:fedcpr:y:1994:p:552-571
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    Cited by:

    1. Dittmer, Kristofer, 2015. "100 percent reserve banking: A critical review of green perspectives," Ecological Economics, Elsevier, vol. 109(C), pages 9-16.
    2. Scott Burns, 2016. "Old (Chicago) school, new century: the link between Knight and Simons’ Chicago plan to Buchanan’s constitutional money," Constitutional Political Economy, Springer, vol. 27(3), pages 299-318, September.
    3. Joseph G. Haubrich & James B. Thomson, 1994. "A conference on federal credit allocation," Economic Review, Federal Reserve Bank of Cleveland, issue Q III, pages 2-13.

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