A historical overview of the emergence of the institution of banking, beginning with an explanation of the emergence of interest-based fractional reserve banking and the problems associated with its institutionalization as standard banking practice. Followed by a quick look at the history of central banking in this country, from the first Bank of the United States to the founding of the Federal Reserve. This history is then reconsidered in terms of a struggle by the money power – the dominant European and American financiers – to gain control over the American monetary system.
The shift from the modern industrial era into the new, post-modern Information Age presents contemporary society with a rather significant paradox. On one hand, there is fairly widespread agreement that the governmental apparatus established to implement public policies – the bureaucracy – is not very efficient or effective. On the other, there is equally widespread belief that bureaucracy is necessary in order to successfully implement those policies. We are stuck in something of a love/hate, “can’t live with it, can’t live without it” dilemma when it comes to the presence of the large bureaucratic systems, at all levels of government, that are critical to the actual delivery of services that constitute the ultimate operationalization of legislative dictates.
“Most voters still think Congress is doing a poor job and believe most of its members only get reelected because a fix is in.” Over 80 percent of those surveyed disapprove of the way Congress is handling its job, and the majority of the respondents to a recent poll disapprove of the way their own…
Despite the “more is better” approach we’ve been taking, it makes much more sense for the design and implementation of public policy to be guided more directly by the goal of improving the happiness and life satisfaction of people and communities, rather than on increasing economic growth.
The introduction to a new column written by Associate Professor Peter Robertson. “A Postmodern Perspective” looks at the study of organizational culture and lays the groundwork for this column articulating a narrative that runs counter to the dominant.