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Books > Business & Economics > Finance & accounting > Finance > Banking
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Money, Power, and the People - The American Struggle to Make Banking Democratic (Hardcover)
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Money, Power, and the People - The American Struggle to Make Banking Democratic (Hardcover)
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Banks and bankers are hardly the most beloved people and
institutions in this country. With its corruptive influence on
politics and stranglehold on the American economy, Wall Street is
not held in high regard by many outside the financial sector. But
the pitchforks raised against this behemoth are largely rhetorical:
we rarely see riots in the streets or public demands for an
equitable and democratic banking system that result in serious
national changes. Yet the situation was vastly different a century
ago, as Christopher W. Shaw shows in Money, Power, and the People.
His book upends the conventional thinking that financial policy in
the early twentieth century was set primarily by the needs and
demands of bankers. Shaw shows that banking and politics were
directly shaped by the literal and symbolic investments of the
grassroots. This engagement remade financial institutions and the
national economy, through populist pressure and the establishment
of federal regulatory programs and agencies like the Farm Credit
System and the Federal Deposit Insurance Corporation. Shaw reveals
the surprising groundswell behind such seemingly arcane legislation
as the Emergency Currency Act of 1908, as well as the power of the
people to demand serious political repercussions for the banks that
caused the Great Depression. One result of this sustained interest
and pressure was legislation and regulation that brought on a long
period of relative financial stability, with a reduced frequency of
economic booms and busts. Ironically, though, this stability led to
the current decline of the very banking politics that enabled it.
Giving voice to a broad swath of American figures, including
workers, farmers, politicians, and bankers alike, Money, Power, and
the People recasts our understanding of what might be possible in
balancing the needs of the people with those of their financial
institutions.
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