Does Public Banking Work?
While some on the right will decry California's recently enacted public-banking law as an invitation to government profligacy, the history of publicly-owned lending institutions shows that they can play a valuable role in addressing needs left unmet by the market. The key to success lies in governance and avoiding mission drift.
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NEW YORK – Three decades after the fall of the Berlin Wall, the United States is finally embracing public banking. In the summer of 1989, political theorist Francis Fukuyama famously suggested that American-style free-market capitalism would become the default mode for organizing economies around the world. But now policymakers in that model’s very heartland are looking for alternatives.