Why was America's First Bank Aborted
Bibliographic Data
| ID | 5752739 |
|---|---|
| Authors | Dror Goldberg (0000-0001-5484-9876, Bar-Ilan University, corresponding author) |
| Year | 2011 |
| Volume | 71 |
| Issue | 1 |
| Pages | 211-222 |
| Publication date | 2011-03-01 |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | The Journal of Economic History (JOURNAL) |
| Journal identifiers | ISSN: 0022-0507 • E-ISSN: 1471-6372 |
| Publisher | Cambridge University Press (CUP) (PUBLISHER) |
| DOI | 10.1017/s0022050711000088 |
| OpenAlex | W1985747333 |
| Language | EN |
| Citations received | 2 |
| References cited | 13 |
In 1686 the leadership of Massachusetts became involved in the first operational bank scheme in America. In 1688 this note-issuing bank was mysteriously aborted at an advanced stage. I suggest a new, simple explanation for the bank's demise. The bank's notes were supposed to be backed mostly by private land in Massachusetts, but a new royal governor invalidated all the land titles. This episode demonstrates the importance of clearly defined and enforced property rights for the development of financial institutions."After showing him an Indian deed for land, he said that their hand was no more worth than a scratch with a bear's paw, undervaluing all my titles, though everyway legal under our former charter government."1Joseph Lynde
Charter · Deed · Demise · Economic history · Economics · Government (linguistics) · Governor · Law and economics · Political science · Property rights · American Constitutional Law and Politics · Economic, financial, and policy analysis · Engineering · Law · Philosophy
The New England Merchants in the Seventeenth Century
Adjustment to Empire
Misteri i Kapitalit
The Economic Mind in American Civilization
The Massachusetts Paper Money of 1690
British Monetary Experiments, 1650-1710
Adjustment to Empire
From dependency to independence
Currency and Banking in the Province of the Massachusetts-Bay
British Monetary Experiments, 1650-1710
Land Speculation and the Dudley Council of 1686
The Origins of Blackwell's Model of a Bank
| Citations per year | 0.13 |
|---|---|
| Citation span | 2011 - 2013 (3) |
| Highly cited | No |