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Efficient Macro Concept

U.S. Monetary, Industrial, and Foreign Exchange Policies

William Mannen

The United States has had a tumultuous monetary and banking history. The bitter Bank War during Andrew Jackson’s presidency meant that the country never developed a central bank in the 1800s. The pre–Civil War monetary standard was deflationary until the fortuitous California gold discovery. Political turmoil erupted later in the nineteenth century over whether the government should freely coin silver. Meanwhile, Congress imposed a banking system that virtually drove bank reserves into stock market speculation. Even when the Federal Reserve was finally established in 1913, it was initially decentralized and unable to effectively respond to the Great Depression. From this narrative emerges a money supply increasingly managed by central banking authorities and increasingly nationalized with the end of the gold standard. Efficient Macro Concept: U.S. Monetary, Industrial, and Foreign Exchange Policies shows that the next step forward is a set of industrial and foreign exchange policy options for driving real growth in the economy. Stronger economic growth is possible through specialized institutions and transactions rooted in the tradition of central banking but flexible and compatible with free enterprise and balanced budgets.

Lexington Books

Pages: 208 • Trim: 6¼ x 9½

978-1-4985-6002-3 • Hardback • March 2018 • $105.00 • (£81.00)

978-1-4985-6003-0 • eBook • March 2018 • $99.50 • (£77.00)

Subjects: Business & Economics / Economics / Theory, Business & Economics / Economics / Macroeconomics, Law / Banking

Efficient Macro Concept

U.S. Monetary, Industrial, and Foreign Exchange Policies

Hardback

eBook

Summary

The United States has had a tumultuous monetary and banking history. The bitter Bank War during Andrew Jackson’s presidency meant that the country never developed a central bank in the 1800s. The pre–Civil War monetary standard was deflationary until the fortuitous California gold discovery. Political turmoil erupted later in the nineteenth century over whether the government should freely coin silver. Meanwhile, Congress imposed a banking system that virtually drove bank reserves into stock market speculation. Even when the Federal Reserve was finally established in 1913, it was initially decentralized and unable to effectively respond to the Great Depression. From this narrative emerges a money supply increasingly managed by central banking authorities and increasingly nationalized with the end of the gold standard. Efficient Macro Concept: U.S. Monetary, Industrial, and Foreign Exchange Policies shows that the next step forward is a set of industrial and foreign exchange policy options for driving real growth in the economy. Stronger economic growth is possible through specialized institutions and transactions rooted in the tradition of central banking but flexible and compatible with free enterprise and balanced budgets.

Details

Lexington Books

Pages: 208 • Trim: 6¼ x 9½

978-1-4985-6002-3 • Hardback • March 2018 • $105.00 • (£81.00)

978-1-4985-6003-0 • eBook • March 2018 • $99.50 • (£77.00)

Subjects: Business & Economics / Economics / Theory, Business & Economics / Economics / Macroeconomics, Law / Banking

Author

William Mannen is a lawyer with a JD from Washington University in St. Louis.

Table of Contents

Part I: The Money Supply in Historical Perspective
Chapter 1: Beyond Monetary Policy
Chapter 2: The Development of a Specie Standard
Chapter 3: The U.S. Banks and Antebellum Panics
Chapter 4: Greenbacks, Gold, and Silver Purchases
Chapter 5: The National Banking System
Chapter 6: Reform Proposals and Legislation
Chapter 7: The Early Federal Reserve
Chapter 8: The Great Depression
Chapter 9: Postwar Adjustments
Chapter 10: The Great Inflation
Chapter 11: The Fiat Era
Part II: Industrial and Foreign Exchange Policy Options
Chapter 12: The Need for Efficiency
Chapter 13: EDAS I
Chapter 14: EDAS II
Chapter 15: EDAS III
Chapter 16: CNF
Chapter 17: EDAS IV
Chapter 18: ESF
Chapter 19: Monetary Policy Outflow/Inflow
Chapter 20: Market Stability
Glossary
Bibliography

Reviews

William Mannen’s Efficient Macro Concept is a provocative tour through America’s money and banking history as he makes an evolutionary case for a new monetary– industrial policy in a post–quantitative easing world.
— Gary Clayton, Northern Kentucky University

Efficient Macro Concept

U.S. Monetary, Industrial, and Foreign Exchange Policies

William Mannen

Efficient Macro Concept

U.S. Monetary, Industrial, and Foreign Exchange Policies

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