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Jacksonians, Banking, and Economic Theory: A Reinterpretation

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Tags Money and BanksU.S. HistoryMoney and Banking

07/30/2014Jeffrey Rogers Hummel

Andrew Jackson's war upon the Second Bank of the United States and the economic consequences stemming from it badly need a new historical interpretation. The traditional interpretation asserts that Jackson's veto of the Bank re-charter and withdrawal of government deposits caused an inflation; Jackson's Specie Circular and the distribution of the surplus caused a panic and depression. Recent research has included much evidence that indicates that this traditional interpretation requires economic, and also political, revision. More importantly, however, the traditional interpretation suffers from a faulty economic theory.

Volume 2, Number 2 (1978)

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Hummel, Jeffrey R. "Jacksonians, Banking, and Economic Theory: A Reinterpretation." Journal of Libertarian Studies 2, No. 2 (1978): 151-165.

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