Path Dependence in Financial/Monetary Systems

Podcast: The Economic History Podcast (LS 39 · TOP 2% what is this?)Episode: Path Dependence in Financial/Monetary SystemsPub date: 2025-12-02Get Podcast Transcript →powered by Listen411 - fast audio-to-text and summarizationIn this episode, Professor Michael Bordo talks about his finding on the countries that "learned" to develop financial stability through history versus those that did not. Mike also walks us through the historical evolution of the Canadian and US banking systems, contrasting the relative stability of the former with the instability of the latter. We discuss whether system design in the nineteenth and early twentieth centuries influenced the different outcomes of both countries during the Great Financial Crisis 2007-09. Finally, we consider the case of the Great Inflation experienced in the UK, where Mike discusses the "bad policy" choices and "bad luck" that plagued authorities until the 1990s. The podcast and artwork embedded on this page are from Seán Kenny, which is the property of its owner and not affiliated with or endorsed by Listen Notes, Inc.