Published in 2002, A History of Money and Banking in the United States was written by Austrian economist Murray N. Rothbard. The book is an all-encompassing and comprehensive analysis of money and banking in the United States, and its evolution from the Colonial Period through to the middle of the 20th century.
Rothbard describes the three central banks in the history of the US: the First and Second Bank, and the current Federal Reserve System. He presents historical characters and events showing how money shaped America during this time, along with how the key players shaped the monetary system and their motivations. Beginning from very early banking organizations, Rothbard shows the vast differences between these (such as the Suffolk system) and systems used today.
This compelling read contains detailed and extensive analysis with fascinating technical information for all economists. Rothbard exhibits sound and convincing arguments. The book also contains powerful parallels to the modern day, showing that the financial crisis is nothing unprecedented or unusual. Tying in politics to the equation, Rothbard illustrates an interesting picture of the political situation in America, with the opposing forces of the Rockefeller and Morgan houses being key players from the start of the 1910s until the Second World War.
The history told in this book is a revealing look at how the current economy has reached the stage it is in today. Including all you have ever wanted to know about the history and banking in the US, and how it has impacted the people, A History of Money and Banking in the United States is a highly recommended read.