Customer Reviews

The Origins and Economic Impact of the First Bank of the United States, 1791-1797 (Financial Sector of the American Economy)

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Hands down this is *the* best book on *the* most important early bank in U.S. history, the Bank of the United States, or BUS. The brainchild Alexander Hamilton, one of the greatest minds in financial history, the BUS was by far the largest early US bank in terms of market cap and reach; it was the only chartered bank that could branch across state lines. Although owned by private persons, the BUS, in conjunction with the US Treasury, functioned as a central bank. Cowen convincingly argues that it did a great job, thwarting a panic in 1792, stopping inflation later in the decade, and serving as a lender of last resort in the early nineteenth century. Cowen also carefully traces the early history of the BUS, from its hot IPO, through its development under long-time president Thomas Willing, through its emergence as a central bank, to its eventual demise at the hands of radical agrarian politicians.

Based on the BUS's balance sheets, and what must have been years of painstaking archival research, _Origins and Impact_ is virtually irrefutable. Historians, economists, public policymakers, and Wall Street bankers will all enjoy, and learn from, this important, provocative, original book.

Mr. Cowen provides great depth and analysis about an often ignored period of US history. Despite the apparent boring subject matter, the book is quite entertaining. On my recent vacation, I took this book, Harry Potter and Bill O'Reilly's "No Spin Zone." Believe it or not this was the book I could not put down on the beach.

A masterstroke of economic insight.Cowen's attention to detail is unsurpassed and will leave you breathless. Goodbye Paul Erdman - Hello David J. Cowen. A must read if ever there was one.