The Roots of Central Banking

Pierluigi Ciocca
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Pierluigi Ciocca: Accademia Nazionale dei Lincei

Chapter 1 in Stabilising Capitalism, 2015, pp 1-8 from Palgrave Macmillan

Abstract: Abstract In a short and lucid essay Kenneth Boulding addressed the question of the substantive — even more than the legal — legitimation of the institutions called upon, like the central bank, to pursue specific general interests.1 He classified the sources of legitimacy into six categories: “payoffs” (the service rendered by the institution), “sacrifice”, “age”, “mystery”, “ritual or artificial order”, and “alliances”.

Keywords: Central Bank; Banking System; Monetary Base; Free Banking; Liquidity Reserve (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:pal:pmschp:978-1-137-55551-9_1

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DOI: 10.1057/9781137555519_1

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