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State Banking in Early AmericaA New Economic History$
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Howard Bodenhorn

Print publication date: 2002

Print ISBN-13: 9780195147766

Published to Oxford Scholarship Online: November 2003

DOI: 10.1093/0195147766.001.0001

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Banking in the South and West

Banking in the South and West

Banks and the Commonweal

(p.219) 9 Banking in the South and West
State Banking in Early America

Howard Bodenhorn

Oxford University Press

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

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