The Chicago Plan and New Deal Banking Reform

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This work presents a comprehensive history and evaluation of the role of the 100 percent reserve plan in the banking legislation of the New Deal reform era from its inception in 1933 to its re-emergence in the current financial reform debate in the US.
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Product Details

  • ISBN-13: 9781563244704
  • Publisher: Taylor & Francis
  • Publication date: 5/31/1995
  • Edition description: New Edition
  • Pages: 244
  • Product dimensions: 6.14 (w) x 9.00 (h) x 0.74 (d)

Table of Contents

Introduction: The Quest for Stable Banking 3
1 A History of Currency and Banking in the United States 8
The Colonial Experience 9
The Continental Congress 10
The Beginnings of Banking in the United States 11
The Creation of the Federal Reserve System 15
Banking in the 1920s 18
The Stock Market Crash 19
2 Response to the Banking Crisis: Hoover, Congress, and the Economists 22
Hoover and Congress 22
Monetary Reform Proposals 26
The Economists Respond 28
3 Roosevelt's Election and the Banking Crisis of 1933 33
The Brain Trust 33
The Banking Crisis and Roosevelt's Inauguration 36
The Emergency Banking Act 41
4 The March 1933 Chicago Memorandum 45
Frederick Soddy's Theory of Money and Banking 46
The Chicago Response to the March Crisis 47
The Proposal Goes to FDR and Others 48
5 The 100 Days Legislation and the Banking Act of 1933 54
The Thomas Amendment and the Emergency Farm Mortgage Act 54
The Banking Act of 1933 56
Adolf Berle and the Future of American Banking 58
6 The November Chicago Memorandum 63
The Revised Proposal 64
The Agriculture Department Response 68
Congressional Interest in the Chicago Plan 72
7 The Banking Reform Agenda: A Federal Monetary Authority and Credit Allocation 76
The Demand for a Federal Monetary Authority 77
The Cutting Bill 79
The Silver and Inflation Lobby in Congress 84
The Credit Problem and the Reconstruction Finance Corporation 85
Reviving the RFC 86
Simons Reevaluates the Chicago Plan 89
8 Currie, Eccles, and the Ideal Conditions for Monetary Control 94
The Freshman Brain Trust 94
Lauchlin Currie's Monetary Theory 96
Currie's Memorandum on Monetary Reform 98
Marriner Eccles and the Reform of the Federal Reserve 101
9 100% Money: Fisher's Version of the Chicago Plan 105
Fisher on Booms and Depressions 106
100% Money 107
Fisher's Campaign for 100 Percent Money 110
10 The Banking Act of 1935 115
The Banking Act of 1935: The Administration Version 115
Carter Glass 120
The Legislative Battle 121
The Legislative Battle Concludes 125
Jacob Viner's Assessment of the Banking Legislation 128
The Reserve Requirement Increase of 1936 131
11 Academic Views of the Chicago Plan 136
Alternative "Chicago" Plans: Douglas and Whittlesey 137
The Debate in Academic Journals 141
12 The Chicago Plan after the Passage of the Banking Act of 1935 153
Fisher's Continuing Efforts 153
The Postwar Period: Simons and Fisher 159
Maurice Allais and the 100 Percent Reserve Plan 164
Milton Friedman's 100 Percent Reserve Proposal 166
13 Financial Instability and Narrow Banking: Simons Revisited 169
The Financial Instability Hypothesis 169
The Minsky-Simons Connection 170
Minsky on Reform of the Financial System 171
Friedman on 100 Percent Reserves 172
Tobin's Deposited Currency 174
The Narrow Banking Proposal 175
14 Conclusion 181
The Chicago Plan - Would it Help Today? 181
Rebirth of the Chicago Plan 187
Appendix: The Chicago Plan for Banking Reform 191
Notes 201
References 211
Index 223
About the Author 227
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