Matias Vernengo — Adam Smith on the origins of first generation public banks

I discussed in a previous post the reasons why the Bank of England is considered a central bank, but not its precursors. I did not pay enough attention in that post to the reasons for which the early public banks were created. Adam Smith discussed that in his magnum opus. From the Wealth of Nations:

Naked Keynesianism
Adam Smith on the origins of first generation public banks
Matias Vernengo | Associate Professor of Economics, Bucknell University