What Is a Banking Panic,and What Role Did Banking Panics

question 215

Essay

What is a banking panic,and what role did banking panics play in the decision by Congress to establish the Federal Reserve?

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Definitions:

Private Ownership

Ownership of assets by individuals or corporations rather than by the state or public entities.

Licensing Agreement

Occurs when a firm pays a fee for the rights to make or sell another company’s products.

Manufacturing Technology

The machinery, equipment, and processes used in the production of goods, emphasizing efficiency and quality.

Patent

Legal protection granted to inventors, giving them exclusive rights to manufacture, use, or sell their invention for a certain period.