Entrepreneurship, knowledge and employment

Banking and entrepreneurial activities: historical evolution and future goals

Carrera Andrea, Universita' degli Studi di Scienze Gastronomiche

Over history, industrial activities and trade have been facilitated by the development of banking as well as by the diffusion of payment instruments. Central banks were often created way after the constitution of commercial banks. This is what happened, for instance, in the United States. A great number of commercial banks flourished alongside the Industrial Revolution in North America so as to back up the entrepreneurial spirit of the time and to facilitate the access of companies and households to credit. It was only with the creation of the Federal Reserve System (FED) in 1913, that the United States interbank payment system was completed. Commercial banks alone proved to be incapable of avoiding corporate troubles and banking crises during the 19th century. Yet, the history of the 20th century and the economic turmoil of the early 21st century show that even the creation of the central bank did not dispel economic and banking downturns. A question comes straightforward: what is next in central banking theory?


Keywords: Central banking; commercial banking; economic history; economic crises; entrepreneurship

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