History of the Opening of the U. S. Banking Industry: from Rights Restriction to Rights Opening

This book examines how the U. S. Banking industry moved from party control to freedom and openness. Elites played an important role in the founding of the United States and the creation of its institutions. They led the American Revolution, established the federal and state governments, and established a representative system based on the principle of separation of powers. However, they failed to prevent the rise of parties. Instead, elites used parties to control parliament and used political power to compete for economic privileges such as founding banks. In the game of politics and economics, elites realized that a system in which political power and economic rights were bound would risk losing bank interests due to political changes, so they gradually chose a free banking system and passed laws to ensure that any interest group could obtain economic privileges such as bank charters. By studying the history of the opening of the banking industry in Massachusetts in the early 19th century, this book challenges the traditional concept that the American Revolution spawned civil society, and explores the formation mechanism of an open-rights social order.