Lowell National Historical Park Foundation Document (Overview Version

Total Page:16

File Type:pdf, Size:1020Kb

Lowell National Historical Park Foundation Document (Overview Version NATIONAL PARK SERVICE • U.S. DEPARTMENT OF THE INTERIOR Foundation Document Overview Lowell National Historical Park Massachusetts © James Higgins Contact Information For more information about the Lowell National Historical Park Foundation Document, contact: [email protected] or (978) 970-5000 or write to: Superintendent, Lowell National Historical Park, 67 Kirk Street, Lowell, MA 01852 Description © James Higgins Growth and change have long dominated the American As crowded tenements took the place of Lowell’s well system of values. Industry flourished in 19th-century regulated system of boarding houses, Lowell became an America as major technological advancements in industrial city similar to others in New England. transportation, power production, and industrial manufacturing facilitated a fundamental shift from rural Competition within the textile industry increased continually farm-based communities to a modern urban-industrial throughout the 19th century. Eventually, the combination of society. Lowell, Massachusetts, 30 miles northwest a cheaper, less unionized workforce; newer, more efficient of Boston, was founded in 1822 as a seminal planned factories and machinery; cheaper real estate; and lower industrial city and became one of the most significant taxes persuaded the textile industry to move south. Eight of textile producing centers in the country. The city of Lowell Lowell’s original 10 textile firms closed their doors for good is not, as is sometimes claimed, the birthplace of the during the 1920s, and the remaining two closed in the 1950s. Industrial Revolution in America. Most of the developments The city fell into a long depression that lasted through the associated with this phenomenon in the nation’s history 1960s. Gradually, over the course of 50 years, businesses shut had their origins elsewhere. But, it was in Lowell that these down, real estate prices fell, and unemployment rose. By developments converged in a way and on a scale that made the 1970s, one could stand almost anywhere in downtown them revolutionary. Lowell and see blight and decay that had resulted from decades of deindustrialization. Lowell served as America’s model industrial city during the first half of the 19th century, offering the hope that the Established on June 5, 1978, Lowell National Historical country would profit socially as well as economically by Park represented an innovative partner-driven management adopting industrialism as a way of life. The early Lowell concept between federal, state, and local governments, system was distinguished by state-of-the-art technology, the private sector, and the local community. Through this engineers, and inventors who worked in its water approach, the park and its partners work collaboratively power system, monumental mill architecture, enormous as a vehicle for economic progress in the community and production capabilities, rational city planning, a dependence encourage creative and cooperative programs to support on cotton grown by enslaved peoples and, most of all, by the preservation and interpretation of Lowell’s historic and its much-heralded workforce of Yankee “mill girls.” As cultural resources. The park encourages visitors to explore industry grew in New England, Lowell’s factories aged and how industry has and continues to influence technology, became less competitive with newer industrial cities. Profits environment, socioeconomics, and politics in cities and fell, working conditions deteriorated, and wages were cut. economies across the world. Although the character and The “mill girls” became disillusioned with the system and physical roots of Lowell lie in the Industrial Revolution, the were replaced by a succession of immigrant groups eager to city and its people are ever evolving. Their dynamic human find work at any price. stories extend far beyond the park’s borders to illustrate industrialization and its legacies on a global scale. Park Map Lowell National Historical Park Lowell National Historical Park Canalway buildings and Riverwalk Other selected T Trolley route historic building and stop Canal building, Park dam, or lock Preservation District Park Boundary Boundary Lowell Public Art Collection site MERRIMACK RIVER LAWRENCE MILLS Maintenance NORTHERNFacility CANAL WANNALANCIT MILLS KET F TUC ALLS AW A N A L P N C E R T H R O N River Transformed PAWTUCKET Exhibit GATEHOUSE TREMONT GATEHOUSE AND POWER HOUSE Mill Girls and BOOTT MILLS T Immigrants Exhibit PAWTUCKET Mogan Cultural Center DAM Boott Cotton Mills Museum Moody Street Feeder EASTERN CANAL (underground water tunnel) and Tsongas Industrial History Center MASSACHUSETTS MILLS T Kirk Street NORTH Agents House Boarding House F Park Headquarters CANAL R COMMON Park P WESTERN CANAL A A N W MOODY STREET Kerouac C Lucy Larcom Park T FEEDER GATEHOUSE Park I U S C K G E A T T T C E A MARKET N P MILLS A A T L R K Visitor LOWER Industrial Canyon MERRIMACKCenter LOCKS FRANCIS GATE GUARD LOCKS C ON PAWTUCKET CANALHAMILTON C MILLS O T TON R E D APPL MILLSHAMILTON CANAL SWAMP R LOCKS I V E R North L P A A W A N T U C K E T C 0 0.1 Kilometer 0.2 0.3 SOUTH 0 0.1 Mile 0.2 0.3 COMMON Purpose Significance Significance statements express why Lowell National Historical Park resources and values are important enough to merit national park unit designation. Statements of significance describe why an area is important within a global, national, regional, and systemwide context. These statements are linked to the purpose of the park unit, and are supported by data, research, and consensus. Significance statements describe the distinctive nature of the park and inform management decisions, focusing efforts on preserving and protecting the most important resources and values of the park unit. • Lowell’s (economic) success was based in innovation, from manufacturing technology and processes, to new business models, to city planning designed to benefit both industry and the worker. Unique industrial concepts were implemented and demonstrated at a massive scale at the Lowell mills, which served as a model for textile LOWEll NATIONAL HISTORICAL PARK production and industrial cities. preserves and interprets the historic • A very large proportion of original buildings, structures, structures and stories of the Industrial and urban landscapes have survived in Lowell’s park and Revolution and its legacies in Lowell, preservation district and now are recognized as important serving as a catalyst for revitalization historical artifacts. These include the entire 5.6-mile of the city’s physical and economic power canal system with its sophisticated dams, locks, environment and promoting cultural and gatehouses, 7 of the original 10 mill complexes, and heritage and community programming. significant examples of early housing types, institutions, and transportation facilities. © James Higgins Significance © James Higgins • The Lowell canal system is nationally recognized as one • The collaboration between Lowell National Historical of the most impressive civil and mechanical engineering Park and its partners has resulted in the rehabilitation achievements of the 19th century because of its grand of almost all of the 5.3 million square feet of historic scale and technological complexity, and is the site of mill space and hundreds of additional buildings in origin for the famed “Francis” turbine. The canal system, the downtown historic district. This effort continues used as both a transportation corridor and power source, to serve as a successful example of leveraging public- facilitated the growth of the industrial city. private partnerships for economic development through historic preservation. • Lowell National Historical Park preserves and interprets the stories and heritage of the people of Lowell, including • Lowell National Historical Park embraces partnerships the early female workforce (aka “mill girls”) and those who as an integral approach to accomplishing park and came from across the globe seeking opportunities. Today, community goals. Lowell National Historical Park serves Lowell’s residents continue to shape the culture of the city as a model for leveraging collaborative public-private and contribute to its revitalization. partnerships and community engagement. Fundamental Resources and Values Fundamental resources and values are those features, systems, processes, experiences, stories, scenes, sounds, smells, or other attributes determined to merit primary consideration during planning and management processes because they are essential to achieving the purpose of the park and maintaining its significance. • Water Power System / Canal System. The Lowell National Historical Park boundary includes 9.6 miles of major riverbanks and all 5.6 miles of historic canals in Lowell, all of which comprise the waterpower system that • Boott Cotton Mills Complex. This complex is harnessed waters of the Merrimack River to power the architecturally and historically the most significant city’s mills. In fact, the Merrimack River and its natural mill site in the city, and the only one with buildings attributes dictated the location of the city itself. The owned and managed by the National Park Service. water power and canal system includes the Pawtucket, The millyard was constructed and then adapted over Merrimack, Hamilton, Western, Eastern, Lowell, and a 100-year period by the Boott Cotton Mills company, Northern Canals and canal banks, as well as several one of the 10 major textile corporations in Lowell. Of associated locks, gatehouses
Recommended publications
  • M a R T I N Woolley Landscape Architects
    OLDHAM MILLS STRATEGY LANDSCAPE OVERVIEW February 2020 MARTIN WOOLLEY LANDSCAPE ARCHITECTS DOCUMENT CONTROL TITLE: LANDSCAPE OVERVIEW PROJECT: OLDHAM MILLS STRATEGY JOB NO: L2.470 CLIENT: ELG PLANNING for OLDHAM MBC Copyright of Martin Woolley Landscape Architects. All Rights Reserved Status Date Notes Revision Approved DRAFT 2.3.20 Draft issue 1 MW DRAFT 24.3.20 Draft issue 2 MW DRAFT 17.4.20 Draft issue 3 MW DRAFT 28.7.20 Draft issue 4 MW CONTENTS INTRODUCTION Scope 3 Methodology 3 BACKGROUND Background History 6 Historical Map 1907 7 LANDSCAPE BASELINE Topography & Watercourses 11 Bedrock Geology 12 National Character Areas 13 Local Landscape Character 14 GMC Landscape Sensitivity 15 Conservation Areas 16 Greenbelt 17 Listed, Converted, or Demolished Mills (or consented) 18 ASSESSMENT Assessment of Landscape Value 20 Remaining Mills Assessed for Landscape Value 21 Viewpoint Location Plan 22 Viewpoints 1 to 21 23 High Landscape Value Mills 44 Medium Landscape Value Mills 45 Low Landscape Value Mills 46 CONCLUSIONS & RECOMMENDATIONS Conclusions 48 Recommendations 48 Recommended Mill Clusters 50 APPENDIX Landscape Assessment Matrix 52 1 SCOPE 1.0 SCOPE 1.1 Martin Woolley Landscape Architects were appointed in November 2019 to undertake 2.4 A photographic record of the key views of each mill assisted the assessment stage and a Landscape Overview to accompany a Mill Strategy commissioned by Oldham provided panoramic base photographs for enabling visualisation of the landscape if a Metropolitan Borough Council. particular mill were to be removed. 1.2 The Landscape Overview is provided as a separate report providing an overall analysis 2.5 To further assist the assessment process, a range of ‘reverse montage’ photographs were of the contribution existing mills make to the landscape character of Oldham District.
    [Show full text]
  • Staff Working Paper No. 845 Eight Centuries of Global Real Interest Rates, R-G, and the ‘Suprasecular’ Decline, 1311–2018 Paul Schmelzing
    CODE OF PRACTICE 2007 CODE OF PRACTICE 2007 CODE OF PRACTICE 2007 CODE OF PRACTICE 2007 CODE OF PRACTICE 2007 CODE OF PRACTICE 2007 CODE OF PRACTICE 2007 CODE OF PRACTICE 2007 CODE OF PRACTICE 2007 CODE OF PRACTICE 2007 CODE OF PRACTICE 2007 CODE OF PRACTICE 2007 CODE OF PRACTICE 2007 CODE OF PRACTICE 2007 CODE OF PRACTICE 2007 CODE OF PRACTICE 2007 CODE OF PRACTICE 2007 CODE OF PRACTICE 2007 CODE OF PRACTICE 2007 CODE OF PRACTICE 2007 CODE OF PRACTICE 2007 CODE OF PRACTICE 2007 CODE OF PRACTICE 2007 CODE OF PRACTICE 2007 CODE OF PRACTICE 2007 CODE OF PRACTICE 2007 CODE OF PRACTICE 2007 CODE OF PRACTICE 2007 CODE OF PRACTICE 2007 CODE OF PRACTICE 2007 CODE OF PRACTICE 2007 CODE OF PRACTICE 2007 CODE OF PRACTICE 2007 CODE OF PRACTICE 2007 CODE OF PRACTICE 2007 CODE OF PRACTICE 2007 CODE OF PRACTICE 2007 CODE OF PRACTICE 2007 CODE OF PRACTICE 2007 CODE OF PRACTICE 2007 CODE OF PRACTICE 2007 CODE OF PRACTICE 2007 CODE OF PRACTICE 2007 CODE OF PRACTICE 2007 CODE OF PRACTICE 2007 CODE OF PRACTICE 2007 CODE OF PRACTICE 2007 CODE OF PRACTICE 2007 CODE OF PRACTICE 2007 CODE OF PRACTICE 2007 CODE OF PRACTICE 2007 CODE OF PRACTICE 2007 CODE OF PRACTICE 2007 CODE OF PRACTICE 2007 CODE OF PRACTICE 2007 CODE OF PRACTICE 2007 CODE OF PRACTICE 2007 CODE OF PRACTICE 2007 CODE OF PRACTICE 2007 CODE OF PRACTICE 2007 CODE OF PRACTICE 2007 CODE OF PRACTICE 2007 CODE OF PRACTICE 2007 CODE OF PRACTICE 2007 CODE OF PRACTICE 2007 CODE OF PRACTICE 2007 CODE OF PRACTICE 2007 CODE OF PRACTICE 2007 CODE OF PRACTICE 2007 CODE OF PRACTICE 2007 CODE OF PRACTICE 2007
    [Show full text]
  • How to Beat the Recession
    Taxcafe.co.uk Business Guides How to Beat the Recession Make Sure Your Business Prospers While Others Struggle By Alistair Gibb Important Legal Notices: Taxcafe® BUSINESS GUIDE – “How to Beat the Recession” Published by: Taxcafe UK Limited 67 Milton Road Kirkcaldy KY1 1TL United Kingdom Tel: (01592) 560081 First Edition, June 2009 ISBN 978-1-904608-96-7 Copyright Copyright © Alistair Gibb 2009. All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means (electronically or mechanically, including photocopying, recording or storing it in any medium by electronic means) without the prior permission in writing of the copyright owner except in accordance with the provisions of the Copyright, Designs and Patents Act 1988 or under the terms of a licence issued by the Copyright Licensing Agency Ltd, 90 Tottenham Court Road, London, W1P 0LP. All applications for the written permission of the copyright owner to reproduce or transmit any part of the guide should be sent to the publisher. Warning: Any unauthorised reproduction or transmission of any part of this guide may result in criminal prosecution and a civil claim for damages. Trademarks Taxcafe® is a registered trademark of Taxcafe UK Limited. All other logos, trademarks, names and logos in this guide may be trademarks of their respective owners. Disclaimer Before reading or relying on the content of this guide, please read carefully the disclaimer on the last page which applies. If you have queries then please contact the publisher at [email protected]. About the Author Alistair Gibb studied economics and business at Durham University and the University of Strathclyde and then joined the 3i Group, where he held senior positions in both the investment and merchant banking sides of the business.
    [Show full text]
  • Community Guide
    ROCHESTERNH.ORG GREATER ROCHESTER CHAMBER OF COMMERCE 2016 • 1 It’s about People. 7HFKQRORJ\ 7UXVW frisbiehospital.com People are the foundation of what health that promotes faster healing, better health, care is about. People like you who are and higher quality of life. looking for the best care possible—and It’s this approach that has allowed us to people like the professionals at Frisbie develop trust with our patients, and to Memorial Hospital who are dedicated to become top-rated nationally for our quality providing it. of care and services. :HXVHWKHODWHVWWHFKQRORJ\WRKHOSÀQG VROXWLRQVWKDWEHQHÀWSDWLHQWV7HFKQRORJ\ 11 Whitehall Road, Rochester, NH 03867 | Phone (603) 332-5211 2 • 2016 GREATER ROCHESTER CHAMBER OF COMMERCE ROCHESTERNH.ORG contents Editor: 4 A Message from the Chamber Greater Rochester Chamber of Commerce 5 City of Rochester Welcome 6 New Hampshire Economic Development Photography Compliments of: 7 New Hampshire & Rochester Facts Cornerstone VNA Frisbie Memorial Hospital 8 Rochester – Ideal Destination, Convenient Location Great Bay Community College 10 Rochester History Greater Rochester Chamber of Commerce Revolution Taproom & Grill 11 Arts, Culture & Entertainment Rochester Economic Development 13 Rochester Business & Industry Rochester Fire Department A Growing & Diverse Economy Rochester Historical Society Rochester Main Street 14 Rochester Growth & Development Rochester Opera House Business & Industrial Parks Rochester Police Department 15 Rochester Commercial Districts Produced by: 16 Helpful Information Rochester
    [Show full text]
  • The Historic Failure of the Chicago School of Antitrust Mark Glick
    Antitrust and Economic History: The Historic Failure of the Chicago School of Antitrust Mark Glick1 Working Paper No. 95 May 2019 ABSTRACT This paper presents an historical analysis of the antitrust laws. Its central contention is that the history of antitrust can only be understood in light of U.S. economic history and the succession of dominant economic policy regimes that punctuated that history. The antitrust laws and a subset of other related policies have historically focused on the negative consequences resulting from the rise, expansion, and dominance of big business. Antitrust specifically uses competition as its tool to address these problems. The paper traces the evolution of the emergence, growth and expansion of big business over six economic eras: the Gilded Age, the Progressive Era, the New Deal, the post-World War II Era, the 1970s, and the era of neoliberalism. It considers three policy regimes: laissez-faire during the Gilded Age and the Progressive Era, the New Deal, policy regime from the Depression through the early 1970s, and the neoliberal policy regime that dominates today and includes the Chicago School of antitrust. The principal conclusion of the paper is that the activist antitrust policies associated with the New Deal that existed from the late 1 Professor, Department of Economics, University of Utah. Email: [email protected]. I would like to thank members of the University of Utah Competition Group, Catherine Ruetschlin, Marshall Steinbaum, and Ted Tatos for their help and input. I also benefited from suggestions and guidance from Gérard Duménil’s 2019 seminar on economic history at the University of Utah.
    [Show full text]
  • Imperialism in the 21St Century
    Imperialism in the 21st Century Doug Lorimer 2 Imperialism in the 21st Century Contents Imperialism in the 21st Century........................................................3 Rise of US imperialism.......................................................................................... 4 Decolonisation & US imperialism........................................................................ 7 Vietnam war........................................................................................................ 10 ‘Marshall Plan’ for Third World......................................................................... 11 Transnational corporations................................................................................ 13 Imperialism & state economic intervention....................................................... 15 The last empire.................................................................................................... 16 Growing social & political instability................................................................... 18 Imperialist Capitalism & Neo-Liberal Globalisation ...................21 Marx’s analysis of capitalism.............................................................................. 21 The imperialist epoch of capitalism.................................................................... 24 The global economy today................................................................................. 25 ‘Neo-liberalism’ & ‘globalisation’......................................................................
    [Show full text]
  • ECONOMIC GROWTH and STRUCTURAL CHANGE in the LONG NINETEENTH CENTURY Robert E
    1 ECONOMIC GROWTH AND STRUCTURAL CHANGE IN THE LONG NINETEENTH CENTURY robert e. gallman INTRODUCTION This chapter is concerned with quantitative features of the development of the American economy in the period between the late eighteenth century and World War I – the long nineteenth century. A reasonable place to begin is with measurements of the size of the economy. Since a central feature of any economy is production, size is appropriately measured by aggregate output. Other indicators, such as population and geographic extent, are considered below. The conventional measures of aggregate output are the national product – that is, output produced by factors of production owned by Americans – and the domestic product – output produced by factors of production domiciled in the United States. The proper index to select depends upon whether one thinks of the United States as the sum of all Americans or as a geographic entity. We are interested in the history of the people of the United States, and therefore the national product is the more appro- priate concept. It underlies most of the measurements treated in this chapter; in practice the choice matters little, however, since in the years under examination the national product and the domestic product were virtually identical. A more important question is the extent to which these conventional measures properly describe levels of output and changes in output over time, a question set aside for the moment but treated later in this essay. Cambridge Histories Online © Cambridge University Press, 2008 2 Robert E. Gallman SIZE AND GROWTH OF THE AMERICAN ECONOMY Size The American gross national product probably ran around $144 million just before the Revolution (Table 1.3).
    [Show full text]
  • Millyard District Millyard District
    Millyard District Millyard District Abstract In the decades following the closure of the mills, Nashua continued to grow and prosper, but in a The Millyard District has always been home to primarily suburban spatial pattern. The more tra- local manufacturing and industrial businesses. ditional urban fabric of the downtown and Millyard Since 1823, the district housed small and me- saw periods of disinvestment and stagnation as dium sized industrial uses. After the collapse of the suburbs simultaneously expanded. the traditional mill businesses in the 1940’s, these buildings saw new uses - residential, artist spac- Recently, the City of Nashua and the State com- es, churches, and light manufacturing. These pleted a road project through the Millyard called buildings have kept their traditional charm and the Broad Street Parkway. The project created a property owners have allowed the interior spac- second north south connection over the Nashua es to be transformed for tenant needs. With low river and opened up the formerly closed off mill vacancy and low business turnover in the area, district to the broader community. The project did it is clear that there is demand to be located in come at a significant financial cost and required the Millyard District. Connectivity within the dis- the demolition of several historic mill buildings. trict and to Nashua’s downtown is major problem While local reviews of the project are generally facing the Millyard District. positive, the road has disrupted the pedestrian environment in the Millyard, creating western and Through improved pedestrian connections in the eastern portions due to a lack of proper pedestri- district, businesses and residential units would be an road crossing facilities.
    [Show full text]
  • Urban Panel Review Paper Rochdale June 2018
    URBAN PANEL REVIEW PAPER Rochdale Contents 1. Introduction 2. Initial thoughts 3. The southern part of the Heritage Action Zone 4. The town centre and northern part of the Heritage Action Zone 5. Other matters 6. Conclusions and Recommendations 1 Introduction 1.1 Since the beginning of the nineteenth century, Drake Street, the Regency thoroughfare which connected the centre of one of Lancashire’s most successful textile towns with its railway station, was Rochdale’s principal shopping street. It was a street which, for almost 150 years, was the bustling commercial heart of the town with department stores, two Co-operatives (including the Rochdale Pioneers’ first bespoke shop), impressive public halls and numerous small shops and businesses. 1.2 By the end of the twentieth Century, however, all this had changed. The structural changes in the retail economy, nationally, combined with the northerly shift of the main retail focus of the town due to the opening of not one, but two, large shopping centres had a catastrophic impact upon the vitality and viability of this historic thoroughfare. Today, several of what were Drake Street’s most iconic buildings have gone or have been irreparably altered, many other properties lie vacant or, at best, in marginal uses, and a large proportion are in a parlous state of repair. The once bustling street full of people that was shown in photographs of Drake Street from the 1960s is now largely devoid of activity. 1.3 Whilst Rochdale town centre, itself, also witnessed a similar downturn in its economic fortunes during the same period, the decline was nowhere near as marked nor the impacts upon its buildings and townscape quite so severe.
    [Show full text]
  • Greater Manchester… Significantly Lower Than the National Average (73.9%)
    Where to now for widening access? 2020 and beyond A brief story of University Campus Oldham... History, location, context, challenges, opportunities. Parallels with the students’ journeys Oldham Oldham’s History At its peak, the most productive cotton spinning mill town in the world producing more cotton than France and Germany combined. Oldham’s People Total population (000s):218.8 % White, British: 80.484 % White Irish: 0.823 % White, other: 1.463 % Mixed: 1.6 % Asian or Asian British: 13.574 % Black or Black British: 1.234 % Chinese: 0.32 % Other: 0.411 SOURCE: ONS Employment Oldham (64.8%) currently has the 8th highest employment rate within Greater Manchester… significantly lower than the national average (73.9%). The employment rate in Oldham over the last 5 years has shown no measureable improvement whereas across England the employment rate has increased by 3.9 percentage points. Source: Annual Population Survey 2015 Wages Oldham has traditionally had low wage levels in terms of residents and work place earning potential. In 2011, Oldham had both the lowest residential (£412 per week) and workplace (£399 per week) median weekly wage levels in Greater Manchester. By 2015 wages for both residents (£444 a week) and those working in Oldham (£428 a week) remain significantly below the England averages (£533 and £532 a week respectively). Qualifications Even though progress has been made in recent years, Oldham still has a significantly higher percentage of its working age population with no qualifications (15.0%), compared to the GM (10.1%) and national (8.4%) averages. Young people are gaining higher levels of qualifications, it will take many decades for Oldham to narrow the gap to national rates.
    [Show full text]
  • Financial Catastrophe Research & Stress Test Scenarios
    Cambridge Judge Business School Centre for Risk Studies 7th Risk Summit Research Showcase Financial Catastrophe Research & Stress Test Scenarios Dr Andy Skelton Research Associate, Cambridge Centre for Risk Studies 20 June 2016 Cambridge, UK Financial Catastrophe Research 1. Catalogue of historical financial events 2. Development of stress test scenarios 3. Understanding contagion processes in financial networks (eg, interbank loans) - Network models & visualisations - Role of central banks in financial crises - Practitioner model – scoping exercise 2 Learning from History Financial systems and transaction technologies have changed But principles of credit cycles, human trust and financial interrelationships that trigger crises remain relevant 12 Historical Financial Crisis Crises occur periodically – Different causes and severities – Every 8 years on average – $0.5 Tn of lost annual economic output – 1% of global economic output Without FinCat global growth could be 4% a year instead of 3% Financial catastrophes are the single greatest economic risk for society – We need to understand them better 3 Historical Severities of Crashes – Past 200 Years US Stock Market Crashes UK Stock Market Crashes 1845 Railway Mania… 1845 Railway Mania… 1997 Asian Crisis 1997 Asian Crisis 1866 Collapse of Overend… 1866 Collapse of Overend… 1825 Latin American Crisis 1825 Latin American Crisis 1983 Latin American Debt… 1983 Latin American Debt… 1837 Cotton Crisis 1837 Cotton Crisis 1857 Railroad Mania… 1857 Railroad Mania… 1907 Knickerbocker 1907 Knickerbocker
    [Show full text]
  • Parallel Journeys: Adam Smith and Milton Friedman on the Regulation of Banking
    A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Rockoff, Hugh Working Paper Parallel journeys: Adam Smith and Milton Friedman on the regulation of banking Working Paper, No. 2010-04 Provided in Cooperation with: Department of Economics, Rutgers University Suggested Citation: Rockoff, Hugh (2010) : Parallel journeys: Adam Smith and Milton Friedman on the regulation of banking, Working Paper, No. 2010-04, Rutgers University, Department of Economics, New Brunswick, NJ This Version is available at: http://hdl.handle.net/10419/59460 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. may exercise further usage rights as specified in the indicated licence. www.econstor.eu February, 2010 Parallel Journeys: Adam Smith and Milton Friedman on the Regulation of Banking Hugh Rockoff Rutgers University and NBER Department of Economics 75 Hamilton Street New Brunswick NJ 08901 [email protected] 1 Abstract Adam Smith and Milton Friedman are famous for championing Laissez Faire, yet both supported government regulation of the banking system.
    [Show full text]