By Milton Friedman, Anna Jacobson Schwartz
Writing within the June 1965 factor of theEconomic Journal, Harry G. Johnson starts off with a sentence doubtless calibrated to the size of the ebook he set himself to study: "The long-awaited financial heritage of the USA by way of Friedman and Schwartz is in each feel of the time period a enormous scholarly achievement--monumental in its sheer bulk, huge within the definitiveness of its remedy of innumerable matters, huge and small . . . huge, mainly, within the theoretical and statistical attempt and ingenuity which have been dropped at endure at the answer of complicated and sophisticated fiscal issues."
Friedman and Schwartz marshaled monstrous ancient facts and sharp analytics to aid the declare that financial policy--steady keep watch over of the money supply--matters profoundly within the administration of the nation's economic climate, specially in navigating critical fiscal fluctuations. of their influential bankruptcy 7, The nice Contraction--which Princeton released in 1965 as a separate paperback--they deal with the primary financial occasion of the century, the melancholy. in line with Hugh Rockoff, writing in January 1965: "If nice Depressions can be avoided via well timed activities by means of the financial authority (or via a financial rule), as Friedman and Schwartz had contended, then the case for industry economies used to be measurably stronger."
Milton Friedman received the Nobel Prize in Economics in 2000 for paintings regarding A financial History in addition to to his different Princeton collage Press booklet, A thought of the intake Function (1957).
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Additional resources for A Monetary History of the United States, 1867-1960
414-415, judges from the fact cable transfers are first mentioned in the Commercial and Financial Chronicle in 1879 that they were not used until then and remarks that exchange dealers were surprisingly slow in adopting cable communication. It seems incredible that there should have be~n such a long delay, and two nineteenth-century writers confinn that there was not. Henry Clews (Fifty Years in Wall Street, New York, Irving Publishing Company, 1908, p. 508) referred to transmission by cable of London quotations from August 1~66 on, and Henry M.
The accompanying gradual rise in prices rendered the gold standard secure and unquestioned in the United States until World War I. The elimination of controversy about the monetary standard shifted the financial and political spotlight to the banking structure. Dissatisfaction had been generated by recurrent banking difficulties. The most severe of these occurred in 1873, 1884, 1890, and 1893, when bank failures, runs on banks, and widespread fears of further failures produced banking crises and, on several occasions, most notably 1893, suspension by most banks of convertibility of deposits into currency.
Annual Report of the Secretary of the Treasury, 1928, p. 552, less $19 million held against gold certificates (line 2), and less 525 million of gold coin assumed exported or used in the arts and manufactures. , p. 550. , p. 552. , less $7 million in vaults of issuing banks (difference between national bank notes outstanding, from A. P. Andrew, Statistics for the United States, 1867-19og, National Monetary Commission, 1911, Vol. 21, p. 43; and national bank note liabilities of those banks, from Annual Report of the Comptroller of the Currency, 1918, Vol.
A Monetary History of the United States, 1867-1960 by Milton Friedman, Anna Jacobson Schwartz