During the first half of the twentieth century, millions of Americans supported government control of banking in a nation where socialist principles supposedly lacked appeal. They wanted the economy to operate in the service of the workers and farmers whose labor underwrote national prosperity, and they believed that realizing this populist vision required a banking system oriented toward public service instead of private profit. Although most advocates of government banking did not identify as socialists, they were sympathetic to the socialist ideal of democratizing the economy.
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During the first half of the twentieth century, millions of Americans supported government control of banking in a nation where socialist principles supposedly lacked appeal. They wanted the economy to operate in the service of the workers and farmers whose labor underwrote national prosperity, and they believed that realizing this populist vision required a banking system oriented toward public service instead of private profit. Although most advocates of government banking did not identify as socialists, they were sympathetic to the socialist ideal of democratizing the economy.