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The Government of MarketsIntroduction: The Interwar Coming of Age of Modern Futures Markets, Institutions and Governance

The Government of Markets: Introduction: The Interwar Coming of Age of Modern Futures Markets,... [This introduction to the story of how US government and industry co-constructed many critical modern futures institutions and governance during the interwar years begins with a scene that took place in 1922. Soon after the first (grain—especially wheat and corn) futures regulation was passed, and anti-markets rhetoric was widespread, the Secretary of the dominant exchange, the Chicago Board of Trade, wrote to the directorate stating candidly that the legislation was as pro-futures as was possible, and that it was effectively authored by the futures industry in private collaboration with the US government. This chapter introduces a new archive, now once again inaccessible, and uses that record to argue that the behind-the-scenes negotiation and end results bore no resemblance to the public story of how futures markets were modernised and then regulated.] http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png

The Government of MarketsIntroduction: The Interwar Coming of Age of Modern Futures Markets, Institutions and Governance

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References (46)

Publisher
Springer International Publishing
Copyright
© The Editor(s) (if applicable) and The Author(s), under exclusive licence to Springer Nature Switzerland AG 2018
ISBN
978-3-319-93183-8
Pages
1 –49
DOI
10.1007/978-3-319-93184-5_1
Publisher site
See Chapter on Publisher Site

Abstract

[This introduction to the story of how US government and industry co-constructed many critical modern futures institutions and governance during the interwar years begins with a scene that took place in 1922. Soon after the first (grain—especially wheat and corn) futures regulation was passed, and anti-markets rhetoric was widespread, the Secretary of the dominant exchange, the Chicago Board of Trade, wrote to the directorate stating candidly that the legislation was as pro-futures as was possible, and that it was effectively authored by the futures industry in private collaboration with the US government. This chapter introduces a new archive, now once again inaccessible, and uses that record to argue that the behind-the-scenes negotiation and end results bore no resemblance to the public story of how futures markets were modernised and then regulated.]

Published: Dec 22, 2018

Keywords: Futures markets; Grain futures; Interwar; Financial regulation; Financial history

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