A big part of the motivation for this book seems to have been Bodenhorn’s desire to refute the “historical justification” provided by the two classic histories of banking (Redlich’s The Molding of American Banking and Hammond’s Banks and Politics from the Revolution to the Civil War), for central ba...
Bodenhorn says “by 1820...banks became better known, more reputable, more established, and therefore more trusted,” presumably convincing more people (whether as shareholders or depositors) to put their money in banks. This is capital deepening, a supply-side argument: growth happened when banks be...
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