Magazine : Archives : 1st Quarter 2020

Endnotes

MARRINER ECCLES: FATHER OF THE MODERN FEDERAL RESERVE By PBS UtahEven major figures in history can be obscured by the passage of time. This is true of Marriner Eccles. The 1930s marked an inflection point in economic history, as the Great Depression led U.S. policymakers to rethink economic policy. Traditionally, the government took a laissez-faire approach to economic matters. But the privations of the depression spawned the belief that governments should actively assuage the ebbs and flows of the economic cycle. Eccles was an early proponent of this shift. In a speech before Congress in 1933, the banker from Utah...