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

by James Livingston

Download Origins of the Federal Reserve System: Money, Class, and Corporate Capitalism, 1890–1913 ePub
  • ISBN 0801496810
  • ISBN13 978-0801496813
  • Language English
  • Author James Livingston
  • Publisher Cornell University Press; Revised ed. edition (November 7, 1989)
  • Pages 250
  • Formats lit azw mobi docx
  • Category Different
  • Subcategory Humanities
  • Size ePub 1435 kb
  • Size Fb2 1204 kb
  • Rating: 4.2
  • Votes: 853

The rise of corporate capitalism during the late 19th and early 20th centuries has long been a source of lively debate among historians. In Origins of the Federal Reserve System, James Livingston approaches this controversial topic from a fresh perspective, asking how, during this era, a "new order of corporation men" made itself the preeminent source of knowledge on all significant economic issues and thereby changed the character of public and political discourse in the United States.

The book seeks to uncover the roots of the Federal Reserve System and to explain the awakening and articulation of class consciousness among America's urban elite, two phenomena that its author sees as inseparable. According to Livingston, the movement for banking and monetary reform that led to the creation of the Federal Reserve System played an important role in the general transition from entrepreneurial to corporate capitalism: it was during this struggle for reform that a group of business leaders first emerged as a new corporate social class.

This interdisciplinary account of the social, cultural, and intellectual Origins of the Federal Reserve System offers both a discussion of the sources of modern public policy and a persuasive study of upper-class formation in the United States. The book will interest a wide audience of historians, economists, political scientists, sociologists, and others who wish to understand the rise of America's corporate elite, the class that has played a large-if not dominant-role in 20thcentury America.


The book will interest a wide audience of historians, economists, political scientists, sociologists, and others who wish to understand the rise of America's corporate elite, the class that has played a large-if not dominant-role in 20thcentury America.

Origins of the Federal R. .has been added to your Cart. As Livingston argues, the upper class built public support for their preferred monetary reforms by establishing and enforcing the cultural or ideological consensus within which public debate on banking problems and solutions took place. We lefties all know that, today, monetary policy is often used as a weapon in the class struggle (a great book about that is Doug Henwood's Wall Street).

The movement for banking and monetary reform that ultimately produced the Federal Reserve System was itself a product of the crisis of the 1890s.

Board of Governors of the Federal Reserve System (. Cornell University Press. inlibrary; printdisabled; trent university;. Kahle/Austin Foundation. Books for People with Print Disabilities. Trent University Library Donation. Internet Archive Books. Uploaded by station09. cebu on March 6, 2019.

The book will interest a wide audience of historians, economists, political scientists, sociologists, and others who wish to understand the rise of America's corporate elite, the class that has played a large-if not dominant-role in 20thcentury America.

book by James Livingston.

Quoted in Dorfman (1949).

Cornell University Press. Parrini, Carl . and Martin J. Sklar. Journal of Economic History 43 (September). Paul, Ron, and Lewis Lehrman. Quoted in Dorfman (1949).

By: James Livingston. Publisher: Cornell University Press. Print ISBN: 9780801496813, 0801496810. The book will interest a wide audience of historians, economists, political scientists, sociologists, and others who wish to understand the rise of America's corporate elite, the class that has played a large-if not dominant-role in 20thcentury America.

Wiebe, Robert, Businessmen and Reform: A Study of the Progressive Movement (Cambridge, MA, 1962). 2. Kolko, Gabriel, The Triumph of Conservatism: A Reinterpretation of American History, 1900–1916 (Glencoe, IL, 1963)

Wiebe, Robert, Businessmen and Reform: A Study of the Progressive Movement (Cambridge, MA, 1962). Kolko, Gabriel, The Triumph of Conservatism: A Reinterpretation of American History, 1900–1916 (Glencoe, IL, 1963). 3. Derthick, Martha and Quirk, Paul, The Politics of Deregulation (Washington, 1985).

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


Uyehuguita
Early in the history of the US, economic power was relatively decentralized, capitalist firms operated on a small scale, and workers (other than slaves) often had a large degree of control over the processes of production in which they took part. But by the early twentieth century this system transformed into a modern corporate capitalist economy, with most industries dominated by a handful of gigantic firms, and workplaces typically organized according to authoritarian/Taylorist principles. Although this transformation itself was met with formidable and violent resistance, the corporate capitalist system is now firmly in place, and today it is very difficult to imagine things working any other way. How did this happen? This is the question Livingston is trying to address with this book.

The answer to the question, basically, is that financial capitalists and corporate managers learned to act together, as a class, to solidify and protect the emergent corporate system. They realized that, during the 19th century, the decentralized financial system made possible periodic episodes of overproduction that were followed by terrible depressions. They also realized that all this macroeconomic volatility undermined profits and social stability. (By the way, this part of Livingston’s argument is based on an interesting blend of Keynesian and Marxian ideas.) Things got so bad that the corporate business class was facing an existential threat. So, they worked to restructure the financial system, and put it under centralized control, by creating the federal reserve system (basically a central bank). The aim was to have an institution that would expand the (growth rate of the) money supply during periods of deflation, but would also act to contract it during periods of rapid expansion in order to prevent overproduction.

As Livingston argues, the upper class built public support for their preferred monetary reforms “by establishing and enforcing the cultural or ideological consensus within which public debate on banking problems and solutions took place.” In the process, they developed the techniques as well as the class consciousness required in order to translate their economic position into real power. We lefties all know that, today, monetary policy is often used as a weapon in the class struggle (a great book about that is Doug Henwood's Wall Street). Livingston explains clearly how that system was put together. But also, and maybe more importantly, Livingston explains the process by which the ruling class learned to shape and regulate public opinion.

I liked the book a lot. It works well as a supplement to Alfred Chandler’s book The Visible Hand. In contrast to Chandler, Livingston emphasizes the broader institutional changes that accompanied the development of corporate capitalism, and makes it possible to think about how things might have been (radically) different had it not been for the conscious effort by elites to shape society.
Topmen
Outstanding
Heri
Here we are, almost exactly 100 years after the FED was created, and we STILL are fighting the same battles over the balance between central and regional banking power. Why? This book gives evidence. The social forces that led to the creation of the FED are explained. Rural vs regional vs NYC banking power is discussed. The competition between factory owners and local skilled labor is the starting point for a clear explanation of how national corporations arose in the late 1800s. The debate between the 'real bills' theory of money vs the use of national debt as the basis of the money supply is discussed. Political figures and their positions on banking issues is discussed. This is a VITAL addition to anyone interested in understanding how banks and politics are interwoven, and how little has changed over the last hundred years. A wealth of references to original sources substantiates the author's ideas.