The U.S. State, New York City Banks and the Commodification of Money, 1945-1980
Whitford, Josh
Columbia University
2020
196
Ph.D.
Columbia University
2020
This dissertation traces the commodification of money in the U.S. after World War II. In 1945, all money was issued either directly by the government or, under conditions determined by the government, by commercial banks. Today, forms of money that are issued by private firms without government backing make up the majority of all money claims, and a significant part of the U.S. payment system is operated by a private organization. These forms of money were essentially in existence by 1980; hence this dissertation focuses on their emergence between the late 1940s and the late 1970s.