From the ‘Battle for the Banks’ to the ‘Credit Squeeze’: Monetary Policy in the Long 1950s

  • Michael Beggs


Goodhart argues that central banks are not impositions on the capitalist financial system by the state, but have shown a historical tendency to emerge in an evolutionary fashion, as a functional part of a variety of banking systems. Only over time, under the influence of macroeconomic theory and driven by successive financial crises, did they converge in the 20th century to the kind of state institution familiar today:

The role and functions of Central Banks have evolved naturally over time, and play a necessary part within the banking system. (Goodhart, 1988, pp. vi–vii)


Interest Rate Monetary Policy Central Bank Banking System Money Supply 
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Copyright information

© Michael Beggs 2015

Authors and Affiliations

  • Michael Beggs
    • 1
  1. 1.University of SydneyAustralia

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