TAILIEUCHUNG - HISTORY OF MONEY phần 4

Nó là điều hiển nhiên, sau đó, rằng sự co 1839-1843 đã được lành mạnh cho nền kinh tế trong việc thanh lý khoản đầu tư không lành mạnh, các khoản nợ, và các ngân hàng, bao gồm Ngân hàng nguy hại của Hoa Kỳ. Nhưng không phải là giảm phát lớn có thảm họa tác dụng vào sản xuất, thương mại, | A History of Money and Banking in the United States The Colonial Era to World War II 154 As a general overview of the national banking period we can agree with Klein that The financial panics of 1873 1884 1893 and 1907 were in large part an outgrowth of . . . reserve pyramiding and excessive deposit creation by reserve city and central reserve city banks. These panics were triggered by the currency drains that took place in periods of relative prosperity when banks were loaned And yet it must be pointed out that the total money supply even merely the supply of bank money did not decrease after the panic but merely leveled off. Orthodox economic historians have long complained about the great depression that is supposed to have struck the United States in the panic of 1873 and lasted for an unprecedented six years until 1879. Much of this stagnation is supposed to have been caused by a monetary contraction leading to the resumption of specie payments in 1879. Yet what sort of depression is it which saw an extraordinarily large expansion of industry of railroads of physical output of net national product or real per capita income As Friedman and Schwartz admit the decade from 1869 to 1879 saw a 3-percent-per-annum increase in money national product an outstanding real national product growth of percent per year in this period and a phenomenal rise of percent per year in real product per capita. Even the alleged monetary contraction never took place the money supply increasing by percent per year in this period. From 1873 through 1878 before another spurt of monetary expansion the total supply of bank money rose from billion to billion a rise of percent or percent per year. In short a modest but definite rise and scarcely a contraction. It should be clear then that the great depression of the 1870s is merely a myth a myth brought about by misinterpretation of 144Klein Money and the Economy pp. 145-46. A History of Money and .

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