The Great Compromise

Money ◽  
2017 ◽  
Author(s):  
John Kenneth Galbraith ◽  
James K. Galbraith
Keyword(s):  
United States ◽  
Financial System ◽  
The United States ◽  
Bank Failures ◽  
Free Banking ◽  
Negative Consequences ◽  
Monetary System ◽  
National Bank ◽  
New System ◽  
Civilized World

This chapter examines the dual monetary system that existed in the hundred years after 1832, a period characterized by basic compromise. The compromise which followed the demise of the Second Bank of the United States had some negative consequences. Recurrently, and reflecting the euphoria stimulated by other causes, banks were created and loans were made with abandon. People then started coming to the banks for their money. These were the panics. The chapter considers the turbulent years after 1832, focusing on the emergence of free banking, the resulting bank failures and greenbacks, agitation for more greenbacks, the pressure for the coinage of cheap silver, and the recurrent panics—all of which combined to make the financial system of the United States, according to Andrew Carnegie, “the worst in the civilized world.” The passage of the National Bank Act (1863) establishing a new system of national banks is also discussed.

Part II Bank Resolution, 8 Resolution of US Banks and Other Financial Institutions

2016 ◽  
Author(s):  
Olivares-Caminal Rodrigo ◽  
Douglas John ◽  
Guynn Randall ◽  
Kornberg Alan ◽  
Paterson Sarah ◽  
...  
Keyword(s):  
United States ◽  
Financial Institutions ◽  
Financial Stability ◽  
Financial System ◽  
The United States ◽  
Public Confidence ◽  
Bank Failures ◽  
Residual Value ◽  
Bank Resolution ◽  
History Of

The chapter starts by looking at resolution as understood in the United States. ‘Resolution’ refers to the way bank failures are dealt with in the United States. Similar to the traditional bankruptcy model, the chapter explains, two of the main goals of resolution are to maximize the value and minimize the losses of an institution for the benefit of its depositors and other stakeholders and, at least in a receivership situation, to determine who receives the residual value of the institution in satisfaction of their claims. However, resolution is also aimed at promoting a third goal: to deal with a failed institution in a manner that reduces the risk of contagion, preserves or restores public confidence in the banking or wider financial system, and otherwise promotes financial stability. The chapter then describes the history of financial resolution in the United States and outlines the fundamentals of resolution authority.

scholarly journals International Perspectives on COVID-19 Communication Ecologies: Public Health Agencies’ Online Communication in Italy, Sweden, and the United States

2021 ◽  
pp. 000276422199283
Author(s):  
Serena Tagliacozzo ◽  
Frederike Albrecht ◽  
N. Emel Ganapati
Keyword(s):  
Public Health ◽  
United States ◽  
Social Groups ◽  
Online Communication ◽  
The United States ◽  
Negative Consequences ◽  
Public Health Agencies ◽  
Communication Ecology ◽  
Health Agencies ◽  
National Public Health

Communicating during a crisis can be challenging for public agencies as their communication ecology becomes increasingly complex while the need for fast and reliable public communication remains high. Using the lens of communication ecology, this study examines the online communication of national public health agencies during the COVID-19 pandemic in Italy, Sweden, and the United States. Based on content analysis of Twitter data ( n = 856) and agency press releases ( n = 95), this article investigates two main questions: (1) How, and to what extent, did national public health agencies coordinate their online communication with other agencies and organizations? (2) How was online communication from the agencies diversified in terms of targeting specific organizations and social groups? Our findings indicate that public health agencies relied heavily on internal scientific expertise and predominately coordinated their communication efforts with national government agencies. Furthermore, our analysis reveals that agencies in each country differed in how they diversify information; however, all agencies provided tailored information to at least some organizations and social groups. Across the three countries, information tailored for several vulnerable groups (e.g., pregnant women, people with disabilities, immigrants, and homeless populations) was largely absent, which may contribute to negative consequences for these groups.

Didactic education in paediatric cardiology during the COVID-19 pandemic: a national fellow survey

2020 ◽  
pp. 1-4
Author(s):  
Madhusudan Ganigara ◽  
Chetan Sharma ◽  
Fernando Molina Berganza ◽  
Krittika Joshi ◽  
Andrew D. Blaufox ◽  
...  
Keyword(s):  
United States ◽  
Online Learning ◽  
United States Of America ◽  
Formal Education ◽  
Medical Training ◽  
Nationwide Survey ◽  
The United States ◽  
Negative Consequences ◽  
Paediatric Cardiology ◽  
The Impact

Abstract The coronavirus disease 2019 (COVID-19) pandemic has had a profound impact on medical educational curricula. We aimed to examine the impact of these unprecedented changes on the formal education of paediatric cardiology fellows through a nationwide survey. A REDCap™-based voluntary anonymous survey was sent to all current paediatric cardiology fellows in the United States of America in May, 2020. Of 143 respondents, 121 were categorical fellows, representing over one-fourth of all categorical paediatric cardiology fellows in the United States of America. Nearly all (140/143, 97.9%) respondents utilised online learning during the pandemic, with 134 (93.7%) reporting an increase in use compared to pre-pandemic. The percentage of respondents reporting curriculum supplementation with outside lectures increased from 11.9 to 88.8% during the pandemic. Respondents considered online learning to be “equally or more effective” than in-person lectures in convenience (133/142, 93.7%), improving fellow attendance (132/142, 93.0%), improving non-fellow attendance (126/143, 88.1%), and meeting individual learning needs (101/143, 70.6%). The pandemic positively affected the lecture curriculum of 83 respondents (58.0%), with 35 (24.5%) reporting no change and 25 (17.5%) reporting a negative effect. A positive effect was most noted by those whose programmes utilised supplemental outside lectures (62.2 versus 25.0%, p = 0.004) and those whose lecture frequency did not decrease (65.1 versus 5.9%, p < 0.001). Restrictions imposed by the COVID-19 pandemic have greatly increased utilisation of online learning platforms by medical training programmes. This survey reveals that an online lecture curriculum, despite inherent obstacles, offers advantages that may mitigate some negative consequences of the pandemic on fellowship education.

Misusing historical analogies limits US policy options

2021 ◽  
Keyword(s):  
United States ◽  
Middle East ◽  
The United States ◽  
Policy Options ◽  
Negative Consequences ◽  
Content Type ◽  
White House ◽  
Decision To Leave ◽  
Us Military ◽  
The Future

Significance The Vietnam analogy implies that President Joe Biden’s decision to leave Afghanistan will have deeply negative consequences for the United States. However, Afghanistan is not Vietnam and the Biden withdrawal needs to be considered within the wider context of his administration’s review of US commitments abroad. Impacts The White House will be pressured to clarify the future of other US military commitments, particularly in Iraq. Biden will seek to reassure allies, particularly those in NATO, that his commitment to multilateralism will not diminish. Biden may seek an opportunity for a military show of force, possibly in the Middle East, to refute accusations of weakness.

scholarly journals Controversial advertising of medicines. A comparison between Poland and the United States

2018 ◽  
Vol 21 (5) ◽  
pp. 67-79
Author(s):  
Marta Makowska
Keyword(s):  
United States ◽  
Prescription Drugs ◽  
The United States ◽  
The European Union ◽  
Negative Consequences ◽  
Direct To Consumer ◽  
Law And Ethics ◽  
The Us ◽  
The Law ◽  
Direct To Consumer Advertising

For many years, the subject of aggressive marketing campaigns conducted by pharmaceutical companies has been raised in Poland. Drug ads are everywhere, on television, the radio, magazines and on the Internet. Therefore, it is extremely important is to ensure both their legal and ethical dimension. This article will present the differences between direct-to-consumer advertising of medicines in Poland and in the US. The dissimilarities result mainly from differences in legislation. In Poland, the law is much stricter than in the US. For example, in the United States companies are allowed to advertise prescription drugs directly to patients. In the whole of the European Union, and thus in Poland, it is strictly prohibited. The article will also present other regulations existing in Poland and in the United States and it will compare them. It will offer examples of violations of the law and ethics in the advertising of medicine in both countries. Lastly, it will briefly outline the negative consequences of unacceptable pharmaceutical marketing.

scholarly journals Cashless Society and de-Dollarization in Ukraine. What is Missing from Present Discussions?

2016 ◽  
pp. 6-12 ◽  
Author(s):  
Marko Skreb ◽  
Kostiantyn Khvedchuk
Keyword(s):  
Monetary Policy ◽  
Financial System ◽  
Underground Economy ◽  
Transmission Mechanism ◽  
Substantial Part ◽  
Negative Consequences ◽  
National Bank ◽  
System Improvement

The National Bank of Ukraine stepped on the track to a cashless economy aiming at reforming the financial system, improvement of the transmission mechanism, and reduction of the underground economy and corruption. A substantial part of money in the Ukrainian economy is estimated to be foreign cash in circulation. This article underlines the importance of considering it while conducting monetary policy. Negative consequences of high dollarization and proliferation of cash are emphasized. We discuss measures that are helpful in decreasing usage of cash in general and foreign cash in particular.

scholarly journals Abnehmende Kooperation in der Umweltpolitik trotz zunehmender wirtschaftlicher Integration : das kanadisch-amerikanische Verhältnis im Umweltbereich

1992 ◽  
Vol 47 (3) ◽  
pp. 112-120
Author(s):  
A. Gurtner-Zimmermann
Keyword(s):  
United States ◽  
Economic Integration ◽  
Trade Agreement ◽  
State Intervention ◽  
The United States ◽  
Environmental Problems ◽  
Negative Consequences ◽  
Canadian Experience ◽  
Political Response ◽  
Trading Partners

Abstract. Over the last decades, Canada and Switzerland, countries with "small" economies, when compared with their neighbours, have experienced increasing economic Integration with their main trading partners, the United States and the European Community (EC) respectively. Using a political-economic approach, this article analyzes the effects of growmg Integration for management of transboundary, environmental problems in North America. As well, in view of the Canadian experience, possible implications for Switzerland in its future relationship to the EC are addressed. In the past the Canadian-American debate over transboundary environmental problems has centered around questions of territory. Despite increasing economic Integration, the dominant reaction to ecological interdependence has been reliance on national policies. In accordance with the American, economic leadership in the continental System, the kind of political response to transboundary, environmental Problems is mainly dictated by the importance of the problem in the United States. The Great Lakes are an area of mutual concern and, therefore, an example for limited, environmental Cooperation and the adoption of an environmental advanced Position. In the U. S., the political response to acid rain was reactive and delayed, since only certain regions were concerned. Despite Canadian domestic and international efforts during the 1980s, until recently no significant progress has been made in developing effective measures to abate air emissions. The conclusion of the Canada-U. S. Free Trade Agreement (FTA) in 1988 did not change the very nature of the mutual environmental relationship. However, in the corollary to the FTA serious threats to the environment can be identified. Liberalized trade and restrained State Intervention foster the accelerated exploitation of Canada's natural resources and further the harmonization of environmental Standards between the two countries. In view ofthe Canadian experience, the article concludes that for Switzerland an economic agreement with the EC without parallel environmental commitments could have significant, negative consequences.

scholarly journals Warlords, the United States, and the state of anarchy in Afghanistan

2021 ◽  
Vol 6 (2) ◽  
Author(s):  
Ahmad Shah Azami
Keyword(s):  
United States ◽  
The United States ◽  
State Building ◽  
The State ◽  
Negative Consequences ◽  
Human Rights Abuses ◽  
Illegal Mining ◽  
The Us ◽  
The Government ◽  
The Impact

As part of its “War on Terror”, the United States (US) provided immense sums of money and advanced equipment to Afghan warlords in order to defeat and dismantle the Taliban and al-Qaeda in Afghanistan. Nearly two decades after the 2001 US-led intervention in Afghanistan that toppled the Taliban regime, the US continues supporting the warlords in various ways. As the intervention was also aimed at establishing a functioning state and reconstruction of the war-torn country, the US needed the support of local warlords to achieve its goals. However, over time, warlords and warlordism became a major challenge to the postTaliban state-building project and in many ways undermined the overall security and the state monopoly on violence. These warlords, who had been mostly expelled and defeated by the Taliban regime, returned under the aegis of the B52 bombers, recaptured parts of the country and reestablished their fiefdoms with US support and resources. They not only resist giving up the power and prestige they have accumulated over the past few years, but also hamper the effort to improve governance and enact necessary reforms in the country. In addition, many of them run their private militias and have been accused of serious human rights abuses as well as drug trafficking, arms smuggling, illegal mining and extortion in the areas under their control or influence. In many ways, they challenge the government authority and have become a major hurdle to the country’s emerging from lawlessness and anarchy. This paper explores the emergence and reemergence of warlords in Afghanistan as well as the evolution of chaos and anarchy in the country, especially after the US-led intervention of late 2001. It also analyzes the impact of the post-9/11 US support to Afghan warlords and its negative consequences for the overall stability and the US-led state-building process in Afghanistan.

scholarly journals REGULATION OF SWAP AGREEMENTS WITH OTHER CENTRAL BANKS BY THE FEDERAL RESERVE SYSTEM OF THE UNITED STATES

2016 ◽  
pp. 0-0
Author(s):  
Мехти Галиб Мехтиев ◽  
Mekhti Galib Mekhtiev
Keyword(s):  
United States ◽  
Federal Reserve ◽  
Global Financial Crisis ◽  
Financial System ◽  
The United States ◽  
Federal Reserve System ◽  
Market Rate ◽  
The Global Financial Crisis ◽  
Global Financial System ◽  
Reserve System

The present article evaluates history of swap agreements’ application and their functioning system in the framework of intercentral bank relations (in particular by the Federal Reserve System of the United States (the Fed)). Swap includes two transactions: the first is a currency exchange on the spot market rate and the second is a future transaction on the rate defined in advance. This mechanism proved its efficiency within its application through history. In 1970s, during a radical transformation period of an entire global currency architecture caused by collapse of Bretton Woods’s system the Fed applied swap agreements to promote stability on financial markets and particularly on currency markets. Later during the Global Financial Crisis of 2008 these agreements again have become rescue measures for the global financial system, as the financial shock caused liquidity deficit for financial institutions and thus cut dramatically credit supply. And finally nowadays the global financial system is badly in need of swap agreements. The swaps’ force of attraction is that firstly it differs from crediting as the latter is one way currency extension, while swap agreement is the exchange of equivalent values. And secondly it fixes the rate of the future currency transaction what lightens both monetary regulation within national jurisdiction and regulation on the level of public international law.

The New Monetary System of the United States

1935 ◽  
Vol 17 (1) ◽  
pp. 184 ◽  
Author(s):  
J. K. Galbraith ◽  
R. A. Young
Keyword(s):  
United States ◽  
The United States ◽  
Monetary System
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