The need for a lender of last resort was identified as far back as:
A)The start of the Great Depression in 1929
B)1913, when the Federal Reserve was created
C)1873, by British economist Walter Bagehot
D)1776, by the first U.S.Secretary of the Treasury, Alexander Hamilton

Question

Quizplus · Accepted Answer

British economist Walter Bagehot first identified the need for a lender of last resort in his book "Lombard Street" published in 1873.

The Need for a Lender of Last Resort Was Identified