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

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Essay

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


Definitions:

History of Globalization

The historical process of increasing global interconnectivity and interdependence, marked by the exchange of goods, ideas, cultures, and people across continents.

Cognitive Dissonance

A psychological phenomenon that occurs when an individual holds contradictory beliefs, ideas, or values, leading to discomfort and motivation to reduce the inconsistency.

Behavioral Component

The aspect of attitude that reflects how one's beliefs and feelings affect their actions or behavior towards a subject.

Attitude

A relatively stable evaluation of a person, object, situation, or issue, along a continuum ranging from positive to negative.

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