A History of the Banking Sector

A History of the Banking Sector

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A History of the Banking Sector

INSTRUCTIONS:

Trace the evolution of a chosen profession, field of study, or branch of service, during the eras of American History. For some, this may mean looking at the technology or opportunity that would evolve from as far back as the 1860s into what is used today. Be sure to follow the themes of the Market, Transportation, and Technological Revolutions and describe how necessity would breed innovation; also, highlight how events, like reform, war, economic, and progress may have directly impacted your profession. Your final product should be a minimum of 500 words. To complete this assignment, a minimum two (2) reputable sources must be used, cited, and referenced. Encyclopedias (online or print), message boards, or any source that can be amended without educated review are not considered appropriate. Failure to use appropriate resources can lead to deductions.

CONTENT:

A History of the Banking Sector Name University Affiliation A History of the Banking Sector The banking industry is among the oldest businesses in the United States. The system has since developed from the colonial era where people gave each other credit and loans from merchants and banks in Great Britain. The first bank, the Bank of New York, was formed in 1784. Thousands of banks have since been formed. Their most significant economic functions are to operate a payment system and act as financial intermediaries, lend and invest the money deposited (Rothbard, 2002). The banking system through its transformation ov

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