THE ECONOMIC CIRCUMSTANCES OF THE CENTRAL BANKING BEGINNING IN THE USA (Souvislosti vzniku federalniho reservniho systemu)
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This paper explores three possible motives for the establishment of the American Federal Reserve System. At the beginning, there is a short description of the National Banking Era. The author argues that while (i) the professional community quite truthfully recognized the problems with National Banking, motives of (ii) political leaders and (iii) interest groups for the establishment of the FED were stronger. The historical situation characterized by the deepening capital concentration and globalization brought politicians to enforce interventionist public policy followed by imperialism. These reasons significantly contributed to a tighter centralized political control of money supply by Federal Reserve System.
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