Financing America's independence
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Financing America's independence
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To mark the 250th anniversary of Independence Day this week, this classic replay episode of the ABA Banking Journal — sponsored by Q2 Software — explores the role of banking and finance in the American Revolution and the founding era. John Steele Gordon is an acclaimed economic historian whose books include Hamilton's Blessing, The Great Game and An Empire of Wealth; he is also the ABA Banking Journal's "From the Vault" columnist. In this episode, Gordon discusses:
- How not having any chartered banks prior to 1782 put the United States at a disadvantage during the Revolution.
- Conversely, how the Bank of England was a "secret weapon" for Britain during the war.
- The role of patriotic financiers like Robert Morris in achieving U.S. victory.
- The debates over a central bank in the post-revolutionary period and how they contributed to the development of the Constitution.
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