This groundbreaking new work presents the first financial
history of the United States in the 20th century from the
commercial and investment banking perspective. The author traces
the development of both industries from the 1920s through the
conditions of the present marketplace and looks at the simultaneous
development of the federal regulatory agencies that grew up around
the financial markets. Arguing that the ideal of an American Dream
finds its best tangible expression in the ways in which the
financial markets have been used to foster and protect the ideals
of quality housing, higher education, and agricultural production,
the author analyzes the successes and failures of the markets in
producing a high standard of living and well-being over the past 70
years.
Geisst begins by describing the manner in which the financial
system and its regulators responded to the developments leading up
to the crash of 1929, demonstrating that this period saw the first
recognition that government agencies could effectively intervene in
capital markets in times of financial crisis. He then reviews, in
separate chapters, capital markets since the crash and the
commercial banking industry as it evolved after 1934. Turning to a
more specific focus on the markets' impact on individuals, Geisst
assesses American capitalisM's ability to fulfill the goals of
universal home ownership, widened access to higher education, and
liberal farm credit. He then addresses the financial innovations of
the past two decades, evaluating their effects in furthering the
general acquisition of wealth. Finally, Geisst looks at the
relationships between Republicans and Democrats and the markets.
Throughout, Geisst seeks to determine how the complex interactions
between the markets themselves and the agencies that oversee and
regulate them have fostered and protected the ideals of the
American Dream. Ideal as a supplemental text for courses in
business and economic history, this book will also be of
significant interest to professionals and executives in the
commercial and investment banking fields.
General
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