09 November 2016

Legislating instability

Tyler Beck Goodspeed
2016, Harvard University Press, 208 pages,
ISBN 9780674088887

Reviewer: William A Allen, Economic & Financial Consultant

In 1765, an Act of Parliament imposed a minimum denomination on notes issued by Scottish banks, and prohibited the practice of banks issuing notes carrying an option enabling them to delay payment of the note for 6 months, subject to paying interest at 5% per annum (the legal maximum at the time) on the outstanding amount. Goodspeed’s book claims that the act of 1765, which was supported by…

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