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Richard H. Timberlake
Richard Henry Timberlake Jr. (June 24, 1922 – May 22, 2020) was an American economist who was Professor of Economics at the University of Georgia for much of his career. He became a leading advocate of free banking, the belief that money should be issued by private companies, not by a government monopoly. He wrote about the Legal Tender Cases of the U.S. Supreme Court in his book ''Constitutional Money: A Review of the Supreme Court's Monetary Decisions''. History Born in Steubenville, Ohio on June 24, 1922, Timberlake was in the US military in World War II. He became a pilot in the U.S. Air Forces and flew 26 missions as a co-pilot in the 8th Air Force. He was awarded three Purple Hearts. He obtained a Bachelor of Arts at Kenyon College in 1946, a Master's at Columbia University in 1950, and a Ph.D. in 1959 from the University of Chicago where he studied under Milton Friedman and Earl J. Hamilton. He then taught economics at Muhlenberg College, Norwich University, Renssel ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Free Banking
Free banking is a monetary arrangement where banks are free to issue their own paper currency ( banknotes) while also being subject to no special regulations beyond those applicable to most enterprises. In a free banking system, market forces control the total quantity of banknotes and deposits that can be supported by any given stock of cash reserves, where such reserves consist either of a scarce commodity (such as gold) or of an artificially limited stock of fiat money issued by a central bank. In the strictest versions of free banking, however, there is either no role at all for a central bank, or the supply of central bank money is supposed to be permanently "frozen". There is, therefore, no government agency acting as a monopoly "lender of last resort", leaving that to the private sector as happened in the US in the panic of 1907. Nor is there any government insurance for banknotes or bank deposit accounts. Notable supporters include Milton Friedman, Fred Foldvary, Davi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Kenyon College
Kenyon College ( ) is a Private university, private Liberal arts colleges in the United States, liberal arts college in Gambier, Ohio, United States. It was founded in 1824 by Episcopal Bishop Philander Chase. It is the oldest private institution of higher education in the state of Ohio and enrolls approximately 1,800 undergraduate students. Students can choose from over 50 majors, minors, and concentrations, including self-designed majors. The college is located on a hill overlooking the Kokosing River and neighbors Mount Vernon, Ohio. Its campus is set in rural surroundings that host seven ecosystems. There are more than 120 student clubs and organizations. Kenyon athletes are called Owls and compete in the NCAA Division III North Coast Athletic Conference. Kenyon College is Educational accreditation, accredited by the Higher Learning Commission. History Founding After becoming the first Episcopal Episcopal Diocese of Ohio, Bishop of Ohio in 1818, Philander Chase found ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Real Bills Doctrine
The real bills doctrine says that as long as bankers lend to businessmen only against the security (collateral) of short-term 30-, 60-, or 90-day commercial paper representing claims to real goods in the process of production, the loans will be just sufficient to finance the production of goods. The doctrine seeks to have real output determine its own means of purchase without affecting prices. Under the real bills doctrine, there is only one policy role for the central bank: lending commercial banks the necessary reserves against real customer bills, which the banks offer as collateral. The term "real bills doctrine" was coined by Lloyd Mints in his 1945 book, ''A History of Banking Theory''. The doctrine was previously known as "the commercial loan theory of banking". Moreover, as bank loans are granted to businessmen in the form either of new bank notes or of additions to their checking deposits, which deposits constitute the main component of the money stock, the doctrine ass ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Federal Reserve
The Federal Reserve System (often shortened to the Federal Reserve, or simply the Fed) is the central banking system of the United States. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a series of financial panics (particularly the panic of 1907) led to the desire for central control of the monetary system in order to alleviate financial crises. Although an instrument of the U.S. government, the Federal Reserve System considers itself "an independent central bank because its monetary policy decisions do not have to be approved by the president or by anyone else in the executive or legislative branches of government, it does not receive funding appropriated by Congress, and the terms of the members of the board of governors span multiple presidential and congressional terms." Over the years, events such as the Great Depression in the 1930s and the Great Recession during the 2000s have led to the expansion of the roles and responsibi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Great Depression
The Great Depression was a severe global economic downturn from 1929 to 1939. The period was characterized by high rates of unemployment and poverty, drastic reductions in industrial production and international trade, and widespread bank and business failures around the world. The economic contagion began in 1929 in the United States, the largest economy in the world, with the devastating Wall Street stock market crash of October 1929 often considered the beginning of the Depression. Among the countries with the most unemployed were the U.S., the United Kingdom, and Weimar Republic, Germany. The Depression was preceded by a period of industrial growth and social development known as the "Roaring Twenties". Much of the profit generated by the boom was invested in speculation, such as on the stock market, contributing to growing Wealth inequality in the United States, wealth inequality. Banks were subject to laissez-faire, minimal regulation, resulting in loose lending and wides ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Central Bank
A central bank, reserve bank, national bank, or monetary authority is an institution that manages the monetary policy of a country or monetary union. In contrast to a commercial bank, a central bank possesses a monopoly on increasing the monetary base. Many central banks also have supervisory or regulatory powers to ensure the stability of commercial banks in their jurisdiction, to prevent bank runs, and, in some cases, to enforce policies on financial consumer protection, and against bank fraud, money laundering, or terrorism financing. Central banks play a crucial role in macroeconomic forecasting, which is essential for guiding monetary policy decisions, especially during times of economic turbulence. Central banks in most developed nations are usually set up to be institutionally independent from political interference, even though governments typically have governance rights over them, legislative bodies exercise scrutiny, and central banks frequently do show resp ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Denationalisation Of Money
''The Denationalisation of Money'' is a 1976 book by Friedrich Hayek. The author advocated the establishment of competitively issued private moneys. In 1978 Hayek published a revised and enlarged edition entitled ''Denationalisation of Money: The Argument Refined'', where he speculated that rather than entertaining an unmanageable number of currencies, markets would converge on one or only a limited number of monetary standards, on which institutions would base the issue of their notes. Overview According to Hayek, instead of a national government issuing a specific currency, use of which is imposed on all members of its economy by force in the form of legal tender laws, private businesses should be allowed to issue their own forms of money, deciding how to do so on their own. Synopsis Hayek advocates a system of private currency in which financial institutions create currencies that compete for acceptance. Stability in value is presumed to be the decisive factor for acceptance ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Monetary Policy
Monetary policy is the policy adopted by the monetary authority of a nation to affect monetary and other financial conditions to accomplish broader objectives like high employment and price stability (normally interpreted as a low and stable rate of inflation). Further purposes of a monetary policy may be to contribute to economic stability or to maintain predictable exchange rates with other currencies. Today most central banks in developed countries conduct their monetary policy within an inflation targeting framework, whereas the monetary policies of most developing countries' central banks target some kind of a fixed exchange rate system. A third monetary policy strategy, targeting the money supply, was widely followed during the 1980s, but has diminished in popularity since then, though it is still the official strategy in a number of emerging economies. The tools of monetary policy vary from central bank to central bank, depending on the country's stage of development, inst ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Central Banking
Central is an adjective usually referring to being in the center of some place or (mathematical) object. Central may also refer to: Directions and generalised locations * Central Africa, a region in the centre of Africa continent, also known as Middle Africa * Central America, a region in the centre of America continent * Central Asia, a region in the centre of Eurasian continent * Central Australia, a region of the Australian continent * Central Belt, an area in the centre of Scotland * Central Europe, a region of the European continent * Central London, the centre of London * Central Region (other) * Central United States, a region of the United States of America Specific locations Countries * Central African Republic, a country in Africa States and provinces * Blue Nile (state) or Central, a state in Sudan * Central Department, Paraguay * Central Province (Kenya) * Central Province (Papua New Guinea) * Central Province (Solomon Islands) * Central Province, Sr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
History Of Money
The history of money is the development over time of systems for the exchange of goods and services. Money is a means of fulfilling these functions indirectly and in general rather than directly, as with barter. Money may take a physical form as in coins and notes, or may exist as a written or electronic account. It may have intrinsic value ( commodity money), be legally exchangeable for something with intrinsic value ( representative money), or have only nominal value (fiat money). Overview The invention of money was prehistoric.Denise Schmandt-Besserat Tokens: their Significance for the Origin of Counting and Writing Consequently, any story of how mo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Florida State University
Florida State University (FSU or Florida State) is a Public university, public research university in Tallahassee, Florida, United States. It is a senior member of the State University System of Florida and a preeminent university in the state. Chartered in 1851, it is located on Florida's oldest continuous site of higher education. Florida State University maintains 17 colleges, as well as 58 centers, facilities, labs, institutes, and professional training programs. In 2023, the university enrolled 43,701 students from all 50 states and 135 countries. Florida State is home to Florida's only national laboratory, the National High Magnetic Field Laboratory, and was instrumental in the commercial development of the anti-cancer drug Taxol. Florida State University also operates the John & Mable Ringling Museum of Art, the State Art Museum of Florida and one of the nation's largest museum/university complexes. The university is accredited by the Southern Association of College ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Rensselaer Polytechnic Institute
Rensselaer Polytechnic Institute (; RPI) is a private university, private research university in Troy, New York, United States. It is the oldest technological university in the English-speaking world and the Western Hemisphere. It was established in 1824 by Stephen Van Rensselaer and Amos Eaton for the "application of science to the common purposes of life". Built on a hillside, RPI's campus overlooks the city of Troy, New York, Troy and the Hudson River. The institute operates an on‑campus business incubator and the Rensselaer Technology Park. RPI is organized into six main schools which contain 37 departments, with emphasis on science and technology. It is Carnegie Classification of Institutions of Higher Education, classified among "R1: Doctoral Universities: Very High Research Activity". History 1824–1900 Stephen Van Rensselaer established the Rensselaer School on 5 November 1824 with a letter to the Reverend Dr. Samuel Blatchford (university president), Samuel ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
