0
Your cart

Your cart is empty

Books > History > American history

Buy Now

The Cotton Kings - Capitalism and Corruption in Turn-of-the-Century New York and New Orleans (Hardcover) Loot Price: R925
Discovery Miles 9 250
You Save: R88 (9%)
The Cotton Kings - Capitalism and Corruption in Turn-of-the-Century New York and New Orleans (Hardcover): Bruce E. Baker,...

The Cotton Kings - Capitalism and Corruption in Turn-of-the-Century New York and New Orleans (Hardcover)

Bruce E. Baker, Barbara Hahn

 (sign in to rate)
List price R1,013 Loot Price R925 Discovery Miles 9 250 | Repayment Terms: R87 pm x 12* You Save R88 (9%)

Bookmark and Share

Expected to ship within 10 - 15 working days

The Cotton Kings relates a rip-roaring drama of competition in the marketplace and reveals the damage markets can cause when they do not work properly. It also explains how they can be fixed through careful regulation. At the turn of the twentieth century, cotton was still the major agricultural product of the American South and an important commodity for world industry. Key to marketing cotton were futures contracts, traded at exchanges in New York and New Orleans. Futures contracts had the potential to hedge risk and reduce price volatility, but only if the markets in which they were traded worked properly. Increasing corruption on the powerful New York Cotton Exchange pushed prices steadily downwards in the 1890s, impoverishing millions of cotton farmers. The U.S. Department of Agriculture tried to solve the problem with better crop predictions and market information, shared equally and simultaneously with all participants, but these efforts failed. To fight the cotton market's corruption, cotton brokers in New Orleans, led by William P. Brown and Frank Hayne, began quietly to assemble resources. They triumphed in the summer of 1903, when they cornered the world market in cotton and raised its price to reflect the reality of increasing demand and struggling supply. The brokers' success pushed up the price of cotton for the next ten years. However, the structural problems of self-regulation by market participants still threatened the cotton trade. More corruption at the New York Cotton Exchange appeared, until eventually political pressure inspired the Cotton Futures Act of 1914, the federal government's first successful regulation of a financial derivative.

General

Imprint: Oxford UniversityPress
Country of origin: United States
Release date: November 2015
Authors: Bruce E. Baker (Lecturer in American History) • Barbara Hahn (Associate Professor of History)
Dimensions: 236 x 162 x 21mm (L x W x T)
Format: Hardcover - Cloth over boards
Pages: 232
ISBN-13: 978-0-19-021165-3
Categories: Books > Social sciences > Politics & government > General
Books > Humanities > History > American history > General
Books > Humanities > History > History of specific subjects > Social & cultural history
Books > Humanities > History > History of specific subjects > Economic history
Books > History > American history > General
Books > History > History of specific subjects > Economic history
Books > History > History of specific subjects > Social & cultural history
LSN: 0-19-021165-2
Barcode: 9780190211653

Is the information for this product incomplete, wrong or inappropriate? Let us know about it.

Does this product have an incorrect or missing image? Send us a new image.

Is this product missing categories? Add more categories.

Review This Product

No reviews yet - be the first to create one!

Partners