8min chapter

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Summer School 4: Banker vs president and the birth of the dollar

Planet Money

CHAPTER

The Chaos of Economic Panics

This chapter explores the origins of economic panics, emphasizing the role of lost trust in the banking system and the resulting chaos of mass withdrawals. By examining historical instances, particularly the panic of 1837, it highlights the complexities and inconsistencies of currency during the mid-19th century, as well as the need for a centralized banking system.

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