In “Crisis, Bigger Government, and Ideological Change: Two Hypotheses on the Ratchet Phenomenon,” Robert Higgs discusses his theory of ratchet phenomenon. He studied the economic growth after the Great Depression and leading up to World War II. He posits that a great crisis will result in the rapid extreme growth of the government which remains... Continue Reading →

            After the Civil War, the United States entered a period of reconstruction and worked on re-unifying the country. Many areas of the country saw change in the post-war years, including the banking system. State banks issued currency but during the Civil War, a need for a national currency was recognized. The division of the Union... Continue Reading →