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In the 1960s, the first automated teller machines (ATM) or cash machines were developed and first machines started to appear by the end of the decade. [202] Banks started to become heavy investors in computer technology to automate much of the manual processing, which began a shift by banks from large clerical staffs to new automated systems.
A Monetary History of the United States, 1867–1960 is a book written in 1963 by future Nobel Prize-winning economist Milton Friedman and Anna Schwartz.It uses historical time series and economic analysis to argue the then-novel proposition that changes in the money supply profoundly influenced the United States economy, especially the behavior of economic fluctuations.
Sovereignty and an Empty Purse: Banks and Politics in the Civil War (Princeton University Press. 1970). Klebaner, Benjamin J. American Commercial Banking: A History (Twayne, 1990). online; Mason, David L. From Buildings and Loans to Bail-Outs: A History of the American Savings and Loan Industry, 1831–1995 (Cambridge University Press, 2004).
Monetarism is an economic theory that focuses on the macroeconomic effects of the supply of money and central banking. Formulated by Milton Friedman , it argues that excessive expansion of the money supply is inherently inflationary , and that monetary authorities should focus solely on maintaining price stability .
The price of gold, as denominated in US dollars, was stable until the collapse of the Bretton Woods system in the mid-1970s. The Bretton Woods system of monetary management established the rules for commercial relations among 44 countries, including the United States, Canada, Western European countries, and Australia [1] after the 1944 Bretton Woods Agreement.
The swinging 1960s could help to unpack a key puzzle of our current era: America's funky economic mood. ... While many cheered on the social changes happening in both eras, it also led to fretful ...
His analysis used two rates: the market interest rate, determined by the banking system, and the real or "natural" interest rate, determined by the rate of return on capital. [20] In Wicksell's theory, cumulative inflation will occur when technical innovation causes the natural rate to rise or when the banking system allows the market rate to fall.
The term stagflation, a blend of "stagnation" and "inflation," was popularized by British politician Iain Macleod in the 1960s, during a period of economic distress in the United Kingdom. It gained broader recognition in the 1970s after a series of global economic shocks, particularly the 1973 oil crisis , which disrupted supply chains and led ...