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Who Governs?

Part of the Palgrave Studies in American Economic History Book Series

DOI: 10.1007/978-3-030-33083-5

ISBN: 978-3-030-33082-8

Publisher: Springer International Publishing - Springer Journals

Jan 29, 2020

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Chapter 1Introduction

Wood, John H.

Pages: 1 –14

[Market problems such as monopoly, fraud, speculation, and/or manipulation are perceived, the legislature passes a law to correct them, a bureaucracy is assigned to interpret and enforce the law, buyers and sellers comply, and the problems are solved. Or are they? Are the promises of politicians...
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Chapter 2The Securities Act of 1933

Wood, John H.

Pages: 15 –61

[The Great Depression of 1929–33 saw large losses in aggregate production, prices, income, and security values, which politicians and the press attributed to financial fraud arising from greed which called for the legal enforcement of transparency. Or were securities firms already transparent and...
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Chapter 3Bureaucracies

Wood, John H.

Pages: 63 –103

[German sociologist Max Weber argued that because of their expertise and constant presence, bureaucracies were or could be the chief force in government, a position supported by reformers and progressive politicians who believed that technological advances required more sophisticated government...
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Chapter 4The NYSE and the SEC

Wood, John H.

Pages: 105 –144

[The New Deal believed the Securities and Exchange Commission was needed to regulate stock exchanges and enforce the Securities Act in order to limit the public’s risk exposure. Because of the agency’s lack of expertise regarding finance, and for political accommodation, however, it decided (or...
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Chapter 5Central Banking in the United States

Wood, John H.

Pages: 145 –191

[American money and banking have been determined within changing legal frameworks—such as the Banks of the United States, the Independent Treasury, and the Federal Reserve—determined primarily by legislation, the effects of which have been controversial and often unsatisfactory as measured by...
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Chapter 6Chairman of the Fed

Wood, John H.

Pages: 193 –247

[The Federal Reserve was created to promote stability and growth by means of an elastic currency, a task at which it failed miserably during the Great Depression, but which inspired the additional tasks of assisting employment and price stability. Martin’s term as chairman of the Federal Reserve...
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Chapter 7So Who Governs?

Wood, John H.

Pages: 249 –266

[Much has been made of the so-called transformative securities legislation of the New Deal and the new and unique American central bank of 1913, but in regard to the questions raised in Chap. 1, it may be doubted that they in fact brought significant changes. The financial markets have made use...

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