Friday, March 20, 2009

Economics Photo of the Week (March 23)

I'm out of town next week so I thought I would make this post a little early. This is a photo of Eugene R. Black Sr. (and his wife). Black was president of the World Bank from 1949-1963 and head of the Brookings Institution from 1963-1968. Black is known for his writings on economic prosperity being a prerequisite for political freedom.

His father (also named Eugene Black) was a governor of the Federal Reserve Bank of Atlanta and head of the Board of Governors in 1933 during the Great Depression. While in Atlanta, he was known for having provided easy and fast credit to banks experiencing bank runs. This is largely thought to have kept these banks open.

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