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Essay / Research Paper Abstract
The credit crunch and the collapse of Northern Rock clearly point towards the merits of nationalizing the banking sector, or at least parts of it. This 6 page paper critically examines this notion. The bibliography cites 10 sources.
Page Count:
6 pages (~225 words per page)
File: TS14_TEnatbank.rtf
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Unformatted sample text from the term paper:
2008 with Northern Rock, but has since spread to Bradford and Bingley and with the bank as the majority owner of the Roby Bank of Scotland and Nat West, there
appears to be a trend towards nationalization, with the trend not limited to the UK, banks in many countries have effectively been nationalized, including the Anglo Irish bank in Ireland.
It is generally perceived that nationalizing a bank is the last in a bail out for a bank where other alternatives have failed (Wolf, 2008). The situation of nationalizing banks
in the UK may be new, especially after the Bank of England was granted independence in 1997, but the practice has been seen elsewhere. There are arguments for and
against state intervention in the banking market. Nationalization has been used as a tool, for both political and economic reasons for many years. Banks that are owned by individuals through
shares may be regulated by government but this has not stopped them being accused of abusing the power that they have (Caprio, 2004). When the US President Andrew Jackson used
his veto to prevent the Second Bank of the United States being re-chartered he stated that "it is to be regretted that the rich and powerful too often bend the
acts of government to their selfish purposes" (Caprio, 2004). This is a view that appears to be shared; when countries have gained independence it has been common to see nationalizations
as part of the democratization process (Ketkar and Suhas, 1992). This occurred in India in 1969 with the aim of reducing the power of the power that was concentrated in
the conglomerates, it was also for political purposes that the Mexican government undertook nationalization in 1982 (Gruben, 1999). However, when looking at the current economic crisis it may
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