...........Bank nationalisation saw a huge expansion in branches into the hinterland. The expansion of the branch network, in turn, caused money kept under the mattress to be swept into the banking system. Cash under the mattress may be savings for an individual but these do not translate into “saving” for the economy. “Saving,” in economic terms, is whatever is available for lending or investment, that is, savings that come into the financial system. Bank nationalisation caused the saving rate.......
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