Franklin Roosevelt's Credit Principle
August 2, 2013 • 10:15AM

Franklin Roosevelt's credit principle is presented, as expressed in his use of the Reconstruction Finance Corporation, which evolved from his broader plan to re-instate a credit system of economy, as was facilitated by the first and second Bank of the United States. Roosevelt's proposal for 12 credit banks for industry, his various lending programs, and excerpts from his budget addresses of 1934-1940 are discussed. Reference is made back to Hamilton, as well as to Jackson's "simple machine" of government, which replaced Hamilton's system.

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For a related class, on the Bank of the United States Credit Principle, which stretched from Hamilton's original proposal in 1780, to Alexander Dallas's revival of Hamilton's system, and its flourishing under John Quincy Adams, click here.