Author's School

Graduate School of Arts & Sciences

Author's Department/Program

Political Science


English (en)

Date of Award


Degree Type


Degree Name

Master of Arts (MA)

Chair and Committee

Norman Schofield


This paper explores the economic, political, and social motivations for why the United States of America chose not to have a central bank between the years of 1775 and 1913. The paper will explain why in the initial years of the republic there was support for the national bank but over time opinions drastically changed. In addition, it will explore how even after several financial crises during the 1800s, there was still little desire to have a central bank. The paper will conclude by explaining how the presence of a central bank became essential to the U.S. financial markets in the early 1900s.


Political Economy and Public Policy, Center for Political Economy

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