1. American Bank System
... with abandon. As John K. Galbraith noted, "every location large enough to have a church, a tavern, or a blacksmith shop was deemed a suitable place for setting up a bank. These banks issued notes, and other, more surprising enterprises, imitating the banks, did likewise. Even barbers and bartenders competed with banks in this respect" (Flaherty, 1997: http://odur.let.rug.nl/~usa/E/usbank/bank03 ... Bank of England, the British economy operated on the basis of a funded national debt, it had a large "paper capital" base, and most importantly, the Bank of England issued notes that were con...
- Word Count: 3632
- Approx Pages: 15
- Has Bibliography
- Grade Level: Undergraduate