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The International Origins of the Federal Reserve System
The Federal Reserve Act of 1913 created the infrastructure for the modern American payments system. Probing the origins of this benchmark legislation, J. Lawrence Broz finds that international factors were crucial to its conception and passage. Until its passage, the United States had suffered under one of the most inefficient payment systems in the world. Serious banking panics erupted frequently, and nominal interest rates fluctuated wildly. Structural and regulatory flaws contributed not only to financial instability at home but also to the virtual absence of the dollar in world trade and payments.Key institutional features of the Federal Reserve Act addressed both these shortcomings but ...
The Elements of Political Economy with Some Applications to Questions of the Day
James Laurence Laughlin (1850-1933) was the founder of the Economics Department at the University of Chicago. He gathered together a faculty whose views were often at variance with his and with one another. Laughlin recruited, and often argued with, leading economists such as Thorstein Veblen and Wesley Clair Mitchell. These early faculty members helped shape the independent and iconoclastic spirit of the University of Chicago?s Economics Department. While head professor of political economy at the University of Chicago, he proposed the concept of a school devoted to commerce and industry. He and his colleagues designed a curriculum that emphasized "close, sustained, and logical reasoning" a...
Marriage of Minds
Oscar Skelton (1878-1941) was a prominent early-twentieth century scholar who became a civil servant and political advisor to prime ministers Mackenzie King and R.B. Bennett. He wrote a number of important books and one, Socialism: A Critical Analysis, was highly praised by Vladimir Lenin. His wife, Isabel Skelton (1877-1956), wrote extensively about literature and history; she was the first historian to treat women from the country's past individually in their own right rather than as a generalized category. Both husband and wife promoted the idea that Canada was an independent nation that no longer needed Britain's tutelage. Terry Crowley has written a unique double biography that examines...
The Palgrave Companion to Chicago Economics
The University of Chicago has been and continues to be one of the most important global centres for economics. With six chapters on themes in Chicago economics and 33 chapters on the lives and work of Chicago economists, this volume shows how economics became established at the University, how it produced some of the world’s best-known economists, including Frank Knight, Milton Friedman and Robert Lucas, and how it remains a global force for the very best in teaching and research in economics. With original contributions from a stellar cast, this volume provides economists – especially those interested in macroeconomics and the history of economic thought – with an in-depth analysis of Chicago economics.
The Elgar Companion to the Chicago School of Economics
Many know the Chicago School of Economics and its association with Milton Friedman, George Stigler, Ronald Coase and Gary Becker. But few know the School's history and the full scope of its scholarship. In this Companion, leading scholars examine its history and key figures, as well as provide surveys of the School's contributions to central aspects of economics, including: price theory, monetary theory, labor and economic history. The volume examines the School's traditions of applied welfare theory and law and economics while providing a glimpse into emerging research on Chicago's role in the development of neoliberalism. A companion in the true sense of the word, this volume surveys a wid...
