Annals of the American Academy of Political and Social Science Volume 99-100

Annals of the American Academy of Political and Social Science Volume 99-100

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1922 edition. Excerpt: ... district do not feel any more favorably disposed, if as much so, to encourage their use than in the past. The Efficiency of Credit By O. M. W. Spkague Harvard University AGOOD irrigation system and a perfect system of credit would exhibit strikingly similar characteristics. The supply of credit, as of water, would be abundant, produced at a minimum cost, and free from interruption or exhaustion. Adequate means of distribution would be developed to furnish the water in the one case and credit in the other to every part of the territory to be served. And then, to secure good results, judgment must needs be exercised in both cases. Unintelligent and lavish use of the water will be harmful to the crops and may exhaust the most abundant sources of supply. Similarly with credit, unrestrained use has an unfavorable effect upon industrial output, stimulates a rank growth of speculation and is the principal cause of extreme fluctuations in the general level of prices. Irrigation experience also teaches that extensions and improvements in one direction may be wasteful and even positively hazardous unless they are accompanied by balancing developments in other directions. This essential requirement, if a credit system is to develop in a satisfactory fashion, is commonly overlooked. The establishment and operation of the Reserve Banks has introduced many and important changes in our banking system. Whether that development has been a well balanced development is, in my judgment, the most searching and important question raised by our credit experience during the last six years. More Credit At Lower Cost An increase in the supply of credit and a reduction in basic costs are definite results of the changes in our banking arrangements brought about by...show more

Product details

  • Paperback | 258 pages
  • 189 x 246 x 14mm | 467g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 1236761006
  • 9781236761002