Origins of the Federal Reserve System: Money, Class, and Corporate Capitalism, 1890–1913 9781501724718

The rise of corporate capitalism during the late 19th and early 20th centuries has long been a source of lively debate a

139 25 17MB

English Pages 250 [252] Year 2018

Table of contents :
Contents
Preface
Abbreviations
Introduction: Banking Reform in Theory and History
PART I: The Decline of CompetitiveEntrepreneurial Capitalism, 188g-1gos
CHAPTER 1. The Great Stalemate: The Sources and Character of Late-Nineteenth-Century Crisis
CHAPTER 2. The Wheel Turns: The Emergence of Corporate Capitalism, 1890-1905
PART II: From Market Power to Cultural Authority: The Resolution of the Money Question, t8g4-1goo
CHAPTER 3. From Countercyclical Theory and Practice to Sound Money, I894-96
CHAPTER 4. Money and Modernity: The Making of the Gold Standard Act, I897-I900
PART III. From Theory to Practice: Toward a Central Banking System, 1900-191 2
CHAPTER 5. Money and Capital Markets in the Modern Economy: Managing the Corporate-Industrial Price System, I900-I9o6
CHAPTER 6. Forging a Consensus on Central Banking, 1906-8
CHAPTER 7. The National Monetary Commission and the New Agenda of Reform, 1908-12
PART IV. Money, Class, and Politics
CHAPTER 8. The Making of the Federal Reserve System
APPENDIX A. Glossary of Financial Terms
APPENDIX B. A Note on Class Analysis
Index

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Origins of the Federal Reserve System

ORIGINS OF THE FEDERAL RESERVE SYSTEM Money, Class, and Corporate Capitalism, I890-I9I 3

JAMES LIVINGSTON

Cornell University Press

Ithaca and London

Copyright© tg86 by Cornell University All rights reserved. Except for brief quotations in a review, this book, or parts thereof, must not be reproduced in any form without permission in writing from the publisher. For information, address Cornell University Press, 124 Roberts Place, Ithaca, New York 14850. First published 1g86 by Cornell University Press. Second printing 1g8g. First published, Cornell Paperbacks, 1g8g. International Standard Book Number o-8014-1844-5 (cloth) International Standard Book Number o-87, II,S, 123~24 *Taylor, Robert S., 58, 97· 106~9, 116 Timberlake, Richard, 25~27, 8.~n., 192n. *Tod, J. Kennedy, 103

250

qrask, Spencer, 98, 103, w6 *1i·enholrn, William L., 81, 88,% Trust companies, growth of, 139~40 Union for Sound Money (National Sound Money League), 98, 103~4 United States Chamber of Commerce, 224~25

*Valantine, John J., 106 Vanderlip, Frank A., 23, 62, 134, 138, 141~42, I.S5· 159~6o, 164, Jt)fi~6g, 173~74, 176--78, 181, 189, 204, 207, 20l)~20,

21l)~21

Veblen, Thorstein, 17, 142, 147, 205 *Villard, Henry, 98, 103 Vreeland, Edward, 186~87 Wade, Festus .J., 182, 223 Walker, Francis A., 37 Warburg, Paul, 169, 17 1, 179~8o, 18l)-90, 194, 1g6~g8, 202~4, 2o6~g, 212, 216, 21l)~21, 224~25, 228 *Warner, John DeWitt, 78, 88, 95, 99 *Wells, David A., 35~38, 53, 7,-;~76, go West, Robert Craig, 24~25, 28, 147n., 17