Jump to ContentJump to Main Navigation
MoneyWhence It Came, Where It Went$
Users without a subscription are not able to see the full content.

John Kenneth Galbraith

Print publication date: 2017

Print ISBN-13: 9780691171661

Published to Princeton Scholarship Online: May 2018

DOI: 10.23943/princeton/9780691171661.001.0001

Show Summary Details
Page of

PRINTED FROM PRINCETON SCHOLARSHIP ONLINE (www.princeton.universitypressscholarship.com). (c) Copyright Princeton University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in PRSO for personal use.date: 21 September 2021

Banks

Banks

Chapter:
(p.21) Chapter 3 Banks
Source:
Money
Author(s):

John Kenneth Galbraith

James K. Galbraith

Publisher:
Princeton University Press
DOI:10.23943/princeton/9780691171661.003.0003

This chapter discusses the history of banks as one of three progenitors of money, the others being mints and treasury secretaries or finance ministers. Banking had a substantial presence in Roman times, then declined during the Middle Ages as trade became more hazardous and lending came into conflict with the religious objection to usury. The Renaissance saw the revival of money due in part to trade. It is fair to say that the decline and revival of banking took place in Italy. The banking houses of Venice and Genoa are acknowledged as the precursors of modern commercial banks. The chapter also considers how banking that developed from the seventeenth century spawned cycles of euphoria and panics. Finally, it examines the case of John Law, who established a bank in France that was authorized to issue notes in the form of loans, with the state as the principal borrower.

Keywords:   banks, money, Italy, euphoria, panics, John Law, France, bank notes, loans

Princeton Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs , and if you can't find the answer there, please contact us.