Even in the extended period of economic prosperity in the 1920s, a large number of "unit banks" in agricultural areas failed as agricultural prices declined.  During the Great Depression unit bank failures grew. Willis and others noted that there were no significant bank failures in Canada, despite similar bad economic conditions. Canada permitted branch banking (which had led to a system of large, nationwide banks), but otherwise shared the . system of "commercial banking" distinct from the "universal banks" common in Europe and elsewhere in the world.  Glass stated he had originally supported the "little bank" but as so many unit banks failed he concluded they were a "menace" to "sound banking" and a "curse" to their depositors. 
John Stuart Mill (United Kingdom, 1806–1873) is one of the first champions of modern "liberalism." As such, his work on political economy and logic helped lay the foundation for advancements in empirical science and public policy based on verifiable improvements. Strongly influenced by Bentham's utilitarianism , he disagrees with Kant's intuitive notion of right and formulates the "highest normative principle" of morals as: Actions are right in proportion as they tend to promote happiness; wrong as they tend to produce the reverse of happiness.