Chapter 1 The Origins and
Evolution of Central Bank
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1、Historical necessity
2、Development stage
3、Keynesian revolution
4、Origins of the Federal Reserve
System
5、The History of ECB
6、The History and Evolution of PBC
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Keynesian revolution
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From Classical to Keynesian Economics
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Pre-Depression economists are called
Classical economists.They felt the market
was self-adjusting, and argued for laissezfaire (leave the market alone).They
focused on long-run issues such as growth.
Depression-era economists are called
Keynesians after John Maynard Keynes.
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The Great Depression of the 1930s led to
the development of macroeconomics and
aggregate demand tools - monetary and
fiscal policy - to deal with recessions.
The Essence of Keynesian Economics
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Aggregate demand management————
——the government’s attempt to control
the aggregate level of spending in the
economy.
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Origins of the Federal Reserve
System
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Before the twentieth century, a major characteristic of
American politics was the fear of centralized power.
This fear of centralized power was one source of the
American resistance to the establishment of a central
bank.
The open hostility of the American public to the
existence of a central bank resulted in the demise of
the first two experiments in central banking, whose
function was to police the banking system:The First
Bank of the United States(disbanded in 1811) and
The Second Bank of the United States(expired in
1836) .
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First Bank of the United States
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1791-1811
Congress decided not to renew charter
Now a museum in...