Tag Archives: strike

The cheque republic: money in a modern economy with no banks.

Ben Norman and Peter Zimmerman.

What happens when a country’s banking system shuts down?  Just how damaging is it to the economy?  During the 20th century, the Republic of Ireland’s banking system suffered industrial disputes, some of which caused the main banks to close for several months.  When Greek banks closed temporarily last year, some commentators (e.g. Independent (2015), FT (2015)) recalled how, previously, the Irish public ingeniously circumvented the banking system and kept economic activity going.  Using material in the Bank of England’s Archive relating to the 1970 dispute, we shed light on how halcyon those days really were.

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Filed under Banking, Economic History, Macroeconomics