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Other People's Money

Name: Other People's Money
Brand: JOHNS HOPKINS UNIVERSITY PRESS
SKU: 9781421421759
Price: 47.99 AUD
Availability: InStock

JOHNS HOPKINS UNIVERSITY PRESSISBN: 9781421421759

How Banking Worked in the Early American Republic

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$47.99

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By Sharon Ann Murphy
Imprint: JOHNS HOPKINS UNIVERSITY PRESS
Release Date: May 14, 2017
Format: PAPERBACK
Pages: 208

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Pieces of paper that claimed to be good for two dollars upon redemption at a distant bank. Foreign coins that fluctuated in value from town to town. Stock certificates issued by turnpike or canal companies - worth something...or perhaps nothing. IOUs from farmers or tradesmen, passed around by people who could not know the person who first issued them. Money and banking in antebellum America offered a glaring example of free-market capitalism run amok - unregulated, exuberant, and heading pell-mell toward the next "panic" of burst bubbles and hard times.

In Other People's Money, Sharon Ann Murphy explains how banking and money worked before the federal government, spurred by the chaos of the Civil War, created the national system of US paper currency. Murphy traces the evolution of banking in America from the founding of the nation, when politicians debated the constitutionality of chartering a national bank, to Andrew Jackson's role in the Bank War of the early 1830s, to the problems of financing a large-scale war. Murphy reveals how, ultimately, the monetary and banking structures that emerged from the Civil War also provided the basis for our modern financial system, from its formation under the Federal Reserve in 1913 to the present.

Touching on the significant role that numerous historical figures played in shaping American banking - including Alexander Hamilton, James Madison, Benjamin Franklin, Henry Clay, Daniel Webster, and Louis Brandeis - Other People's Money is an engaging guide to the heated political fights that surrounded banking in early America as well as to the economic causes and consequences of the financial system that emerged from the turmoil. By helping readers understand the financial history of this period and the way banking shaped the society in which ordinary Americans lived and worked, this book broadens and deepens our knowledge of the Early American Republic.

Acknowledgments
Prologue. How the Bank War Worked
1. How Money Worked
2. How Banks Worked
3. How Panics Worked
4. Experiments in Money and Banking
5. How Civil War Finance Worked
Conclusion. Andrew Jackson, Other People's Money, and the Creation of the Federal Reserve
Epilogue. Why Is Andrew Jackson Harriet Tubman on the $20 Bill?
Notes
Suggested Further Reading
Index

""It is difficult to overstate the quality of Murphy's work. Other People's Money is an outstanding contribution that brilliantly accomplishes the herculean task of digesting the complexities of banking in the early republic. Moreover, Murphy manages to convey these points clearly in immensely readable prose. Helpful for both the layperson and the scholar, this book deserves a place on syllabi and the bookshelves of anyone with an interest in capitalism during this period. Murphy reminds the reader that the story of American banking has a long and complex history, and this erudite study does an excellent job of explaining that complexity in accessible terms.""

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