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The International Origins of the Federal Reserve System


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About the Author

J. Lawrence Broz is Associate Professor and Director of Graduate Studies in the Department of Political Science at the University of California, San Diego.


"According to Broz, opportunities for the U.S. to become an international financial center constituted a major motive in the formation of the Federal Reserve System."-Choice "If you have an interest in central bank theory, get this book. If you have an interest in macroeconomic history, get this book. If you have an interest in the origin and evolution of political institutions, get this book. Lawrence Broz presents an original and thought-provoking account of the origins of the Federal Reserve System that is a must read for students of central bank theory, history, and policy analysis... Broz sheds new light on the 'origins' issue... The International Origins of the Federal Reserve System is as close as possible to an academic 'can't-put-it-down' book. For those whose interest is sparked by the title, you will not be disappointed by this highly readable and original work."-Journal of Economic History "This fine book does, as promised, explain the emergence of central banking in the United States. That's value enough, but beyond that, the book provides leverage for handling an important collective action problem in the rationalist account of the creation of institutions... The functionalism in efficiency explanations of institutions has always been a weakness, for it cannot explain the micro-incentives needed for action. Broz's approach provides a key conceptual road map out of that bind. The argument is of very great interest for understanding current battles over financial institutions around the world. And it is of great interest to students of institutional creation and design more broadly."-Political Science Quarterly "A valuable book that opens a new perspective on the origins of the nation's most powerful financial institution."-Journal of American History "Essential reading in upper-division and graduate courses on money and banking and political economy. Broz has contributed an important and, until now, neglected element to the explanation of the origins of the Federal Reserve."-Perspectives on Political Science

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