Cronyism: The Origins of the Federal Reserve

Mises Media · Jul 22, 2026

Drawing on his new book Cronyism: Rise of the Corporate Estate, 1849–1929, Patrick Newman makes the case that the Federal Reserve is the signature example of policy that serves a special interest at the public's expense. He first dismantles the standard justification — modern research finds the pre-Fed panics were less severe than advertised, and the real problems traced to regulations like the branch-banking ban. He then follows the money: Wall Street's declining market share, its campaign for a New York–controlled central bank, the Jekyll Island meeting, and what followed — a rising share…