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Books > Business & Economics > Finance & accounting > Finance > Investment & securities
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The Government of Markets - How Interwar Collaborations between the CBOT and the State Created Modern Futures Trading (Hardcover, 1st ed. 2018)
Loot Price: R2,901
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The Government of Markets - How Interwar Collaborations between the CBOT and the State Created Modern Futures Trading (Hardcover, 1st ed. 2018)
Series: Palgrave Studies in the History of Finance
Expected to ship within 18 - 22 working days
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Absent evidence to the contrary, it is usually assumed that US
financial markets developed in spite of government attempts to
regulate, and therefore laissez faire is the best approach for
developing critically important and enduring market institutions.
This book makes heavy use of extensive archival sources that are no
longer publicly available to describe in detail the discussions
inside the CBOT and the often private and confidential negotiations
between industry leaders and government officials. This work
suggests that, contrary to the accepted story, what we now know of
as modern futures markets were heavily co-constructed through a
meaningful long-term collaboration between a progressive CBOT
leadership and an extremely knowledgeable and pragmatic US federal
government. The industry leaders had a difficult time evolving the
modern institutions in the face of powerful reactionary internal
forces. Yet in the end the CBOT, by co-opting and cooperating with
federal officials, led the exchange and Chicago markets in general
to a near century of global dominance. On the federal government
side, knowledgeable technocrats and inspired politicians led an
information and analysis explosion while interacting with industry,
both formally and informally, to craft better markets for all.
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