An End to Private Banking: Early New Deal Proposals to Alter the Role of the Federal Government in Credit Allocation

Ronnie Phillips

Journal of Money, Credit and Banking, 1994, vol. 26, issue 3, 552-68

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.

Date: 1994
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