George Selgin: State regulations drove problems in antebellum U.S. banking

George Selgin: State regulations drove problems in antebellum U.S. banking
State rules shaped U.S. antebellum banking

George Selgin challenges the common perception that antebellum U.S. banking was unregulated.

According to Selgin, state government regulations, while strict, were often poorly designed and served as the main source of trouble in banking and currency arrangements before the Civil War.

Selgin has previously challenged other interpretations of U.S. banking history. He argues that wildcat banks appeared after the 1837 Panic began, disputing claims that they were the cause of the crisis. Selgin has also said that analyzing New Deal deficits against the gap between actual and potential GDP better reflects their true impact.

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