Chapter

Banking in the South and West

Howard Bodenhorn

in State Banking in Early America

Published in print December 2002 | ISBN: 9780195147766
Published online November 2003 | e-ISBN: 9780199832910 | DOI: http://dx.doi.org/10.1093/0195147766.003.0009
Banking in the South and West

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Banks in the South and West received large state subsidies, became embroiled in infrastructure projects, and were expected to promote social welfare and the “commonwealth ideal.” In accordance with theories of the connection between financial development and economic growth, southern banks were designed to help late‐developing economies catch up with early developers. These institutions also played a secondary role in that they insulated regional economies from financial panics, extended recessions, and potentially devastating debt‐deflation cycles.

Keywords: banks; commonwealth ideal; debt‐deflation; economic growth; financial development; financial panic; infrastructure; recession; regional economy; state subsidy

Chapter.  14095 words. 

Subjects: Economic History

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