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The Bank of the United States and the American Economy: (Contributions in Economics and Economic History)
 
 
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The Bank of the United States and the American Economy: (Contributions in Economics and Economic History) [Hardcover]

Edward Kaplan (Author)
3.0 out of 5 stars  See all reviews (2 customer reviews)

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Book Description

0313308667 978-0313308666 September 30, 1999

An account of the history, structure, and operation of the First and Second Banks of the United States, this study examines how the banks performed as national and central institutions, and what happened to the economy when the charter of the Second Bank was allowed to expire in 1836. Historians have paid little recent attention to the early history of central banking in the United States, and many Americans believe that the Federal Reserve, created in 1913, was our first central bank. The economic crisis during the American Revolution actually led to the founding of a national bank, called the Bank of North America, during the period of Confederation. Although it became a private bank before the Constitution was ratified in 1788, it proved to be such a success that in 1791 Alexander Hamilton, the first Secretary of the Treasury, was able to convince President Washington that a similar bank should be established.

While the First Bank of the United States performed well during its tenure, its charter was allowed to lapse in 1811. A Second Bank of the United States was created five years later in 1816, and it prospered under the leadership of its third president, Nicholas Biddle, from 1823 to 1830, when central banking was practiced. This success ended with the 1828 election of Andrew Jackson, who refused to recharter the bank and withdrew the government's funds in 1833. Severely weakened, the Bank continued, but its charter finally expired in 1836, much to Biddle's dismay.


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Editorial Reviews

Review

"Accessible to a broad readership and suitable for public, academic, and professional collections." -- Choice

Book Description

An account of the history, structure, and operation of the First and Second Banks of the United States.


Product Details

  • Hardcover: 184 pages
  • Publisher: Praeger (September 30, 1999)
  • Language: English
  • ISBN-10: 0313308667
  • ISBN-13: 978-0313308666
  • Product Dimensions: 9.6 x 6.3 x 0.7 inches
  • Shipping Weight: 1.1 pounds (View shipping rates and policies)
  • Average Customer Review: 3.0 out of 5 stars  See all reviews (2 customer reviews)
  • Amazon Best Sellers Rank: #1,607,601 in Books (See Top 100 in Books)

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2 of 2 people found the following review helpful:
1.0 out of 5 stars As a personal favor to yourself, I recommend that you not buy this book., October 29, 2011
Amazon Verified Purchase(What's this?)
I can be a very silly person.

At the moment, I am living abroad and thus in rather high reliance on the Amazon ebook collection. A truckload of paper to ship home would be an unwelcome burden, so I load up on Kindle books, a library that's significantly easier to tote around. This means that when I'm wanting to read a history of the Bank of the United States, I have to make do with the selection available to me.

Right now, this book is the second hit in the Kindle store when you enter the bank's name, and the only direct hit available. As of October, 2011, they're selling the ebook version for 89 bucks. Well, well. Not a book priced for popular consumption, but this isn't a terribly uncommon price for a genuine work of research, the dusty technical history, the sort written by tweed-wearing professors with more hair coming out their ears than still on their heads. I'm okay with a technical work, so I hit the button and coughed up the electronic cash for this electronic book.

What I failed to do was any research about what this book is. There was one utterly useless review already, no information whatever, just as likely to be written by the author's well-meaning mother than by a person who has actually cracked open the book and plowed in. But what the hey? There are not yet any other books available in the online store on the subject, and how bad could it be, anyway?

Sigh.

This is not, in fact, a dry but diligent work of deep scholarship about the First and Second Banks of the United States. It more closely resembles a collection of college freshman essays. This is not to say that the book is uninformative. The author does competent work paraphrasing the views of actual historians. But that's the entirety of this book: a paraphrase. It offers no in-depth economic analysis, no strong familiarity with original sources, and not the slightest hint of any originality. The author relies heavily -- not quite to the point of exclusivity but close enough -- on secondary sources. The author read a bunch of other history books, and then re-wrote what already existed.

To give an example, 15 of the 56 references for chapter 3 are to Raymond Walter's article "The Origins of the Second Bank of the United States" in the _Journal of Political Economy_. That includes the entire run of citations 46 to 56. Eleven citations in a row, 10 ibids back to back, not to a real document from history but to a single secondary source journal article. Woof.

Like I said, I am a silly person. There are warnings about this to anyone who takes the time to google this book before purchasing.

This kind of reliance on secondary sources is perfectly fine for a consumer-priced piece of pop history. Popularizers should make up in style what they lack in original research. But this book, all dressed up as a serious work, does not deliver. The prose style alternates between soporific and soulless, which is unacceptable in a work as expensive as this, which is nothing more than a redressing of other people's hard work and scholarship.

Save your money. Don't be silly like I was.
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0 of 2 people found the following review helpful:
5.0 out of 5 stars Intriguing and Enlightening, February 1, 2001
By A Customer
This review is from: The Bank of the United States and the American Economy: (Contributions in Economics and Economic History) (Hardcover)
A great read for anyone with an interest in the history of the Bank of the US, or for US history buffs in general. Kaplan explores not only the patterns and general themes of the Bank's development and demise, but also some of the finer points of its history that add character to this intriguing story.
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Inside This Book (learn more)
First Sentence:
The financial problems of the colonies during the American Revolution were directly related to the absence of a national bank. Read the first page
Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
rechartering bill, specie suspension, state banknotes, bank war, pet banks, branch drafts, new national bank, recharter the bank, specie payments, specie reserves, banking bill, public land sales, continental currency, state banks, bank plan
Key Phrases - Capitalized Phrases (CAPs): (learn more)
Second Bank, New York, First Bank, Nicholas Biddle, Andrew Jackson, Van Buren, Bank of North America, Robert Morris, Great Britain, Alexander Hamilton, New England, South Carolina, University of Chicago Press, Monetary Policy, House of Representatives, Annals of Congress, Supreme Court, American Revolution, Bray Hammond, Civil War, New Hampshire, Specie Circular, Ver Steeg, Columbia University Press, Princeton University Press
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