A Brief History of Panics and Their Periodical Occurrence in the United States
The work surveys episodes of financial panic in the United States and advances a theory that crises result when overtrading exhausts available capital and provokes a contraction of credit. It classifies panics into types such as circulation, credit, and capital shortages and emphasizes how major tariff changes can trigger widespread withdrawal and price reversals. The author employs banking statistics, currency and circulation analysis, and historical case studies to trace how runs, reduced lending, and shifts in confidence propagate through the economy. Translator and editor additions supply updated data and apply the theory to more recent developments and legislative responses.
About This Book
The work surveys episodes of financial panic in the United States and advances a theory that crises result when overtrading exhausts available capital and provokes a contraction of credit. It classifies panics into types such as circulation, credit, and capital shortages and emphasizes how major tariff changes can trigger widespread withdrawal and price reversals. The author employs banking statistics, currency and circulation analysis, and historical case studies to trace how runs, reduced lending, and shifts in confidence propagate through the economy. Translator and editor additions supply updated data and apply the theory to more recent developments and legislative responses.
About the Author
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