Johnsen on the Economics of the Potlatch

Bruce Johnsen has posted “The Potlatch as Fractional Reserve Banking” on SSRN, forthcoming in Unlocking the Wealth of Indian Nations, edited by Terry L. Anderson. Here is the quick description:

This chapter focuses on the Northwest Coast Tribes’ early capital markets and specifically on how their potlatch system served as a system of fractional reserve banking to expand their money supply and finance wealth enhancing investments.