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Economic Evolution and Revolution in Historical Time$
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Paul W. Rhode, Joshua L. Rosenbloom, and David F. Weiman

Print publication date: 2011

Print ISBN-13: 9780804771856

Published to Stanford Scholarship Online: June 2013

DOI: 10.11126/stanford/9780804771856.001.0001

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Banking on the Periphery: The Cotton South, Systemic Seasonality, and the Limits of National Banking Reform

Banking on the Periphery: The Cotton South, Systemic Seasonality, and the Limits of National Banking Reform

Chapter:
(p.214) Chapter 9 Banking on the Periphery: The Cotton South, Systemic Seasonality, and the Limits of National Banking Reform
Source:
Economic Evolution and Revolution in Historical Time
Author(s):

Scott A. Redenius

David F. Weiman

Publisher:
Stanford University Press
DOI:10.11126/stanford/9780804771856.003.0009

This chapter explores how the National Banking System perpetuated the status of the U.S. South as a peripheral economy dependent on cotton monoculture, and demonstrates how systemic seasonality interacted with a rigid national banking policy to increase the liquidity costs of financial intermediation. It also provides a comparison of the systemic seasonality in the Cotton South with a mixed-farming region in the North. The negative impacts of cotton culture on the banking system are also described.

Keywords:   National Banking System, cotton monoculture, seasonality, Cotton South, mixed farming

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