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- Title
The Rise and Fall of the First Government-Sponsored Enterprise: The Federal Land Banks, 1916–1932.
- Authors
Glock, Judge
- Abstract
While researchers have pointed to numerous methods of expanding state capacity in the Progressive Era, the literature has overlooked the creation of nominally private companies relying on implicit government guarantees, later known as government-sponsored enterprises. This article explains the novelty and structure of the nation's first such enterprises, the Federal Land Banks, and describes how their design embodied several fragilities that contributed to their collapse and bailout in 1932. The article then demonstrates why, despite these problems, the land banks became the model for subsequent enterprises and financial reforms.
- Subjects
GOVERNMENT-sponsored enterprises; FEDERAL land banks; PRIVATE companies; BUSINESS failures; FINANCIAL bailouts; ECONOMIC reform
- Publication
Business History Review, 2016, Vol 90, Issue 4, p623
- ISSN
0007-6805
- Publication type
Article
- DOI
10.1017/S0007680516001082