In October 1907, the failed attempt to corner the market on the United Copper Company's stock led to a string of bank runs and a national panic. The failure of numerous banks and trusts, particularly the Knickerbocker Trust Company in New York, led to a crisis of faith in the banking system throughout the United States. Although the economic repercussions were quelled quickly, the panic transformed the way in which Americans viewed the banking system and the fundamental principles by which it was governed. This project seeks to explore the events leading up to the Panic, the relevance of specific events and economic trends, and the significance of the Panic as it relates to the current financial crisis.
This project is about the long history of monetary unification in Europe. It recalls the 19th- and 20th-century history of ideas proceeding in that direction, and some of the main experiences of international monetary unification preceding the Euro, distinguishing them from the process of inevitable monetary unification that accompanies national political unification.