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Dynamics of Bank Panics

In: Why Bank Panics Matter

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  • Frederick Betz

    (Portland State University)

Abstract

We looked at the historical event of the 1857 bank panic, but what led up to it? What is the dynamic of a financial structure which creates the historical conditions for a crisis? We noted that the two schools of economics had not achieved a synthesis of their different views on an economy, which divided them. Accordingly, economic theory had not been able to explain why the panic occurred. Next we use the cross-disciplinary approach of societal dynamics to understand how the conditions for the 1857 panic had arisen in the US society. Societal dynamics theory analyzes the history of society as a sequence of “stasis” (stable infrastructures)—each altered in time by a historical event which results in a “change” from the prior infrastructure. This sequence of stasis and change is shown in Fig. 4.1.

Suggested Citation

  • Frederick Betz, 2014. "Dynamics of Bank Panics," SpringerBriefs in Economics, in: Why Bank Panics Matter, edition 127, chapter 0, pages 33-44, Springer.
    • Handle: RePEc:spr:spbchp:978-3-319-01757-0_4
    DOI: 10.1007/978-3-319-01757-0_4
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