The Development of American Finance [Hardcover]

This book argues that the American financial system is in fact far from a house of cards, but a proper edifice.Most books on American finance emphasize the ways in which globalization and deregulation have promoted irresponsible speculation, excessive risk-taking, and unsustainable levels of debt. This book argues that the American financial system is in fact characterized by considerable coherence: far from a house of cards, it is a proper edifice, built on foundations with their own distinctive points of strength and weakness. It supports this argument through a historical interpretation of the development of American finance from colonial times to the present day.Most books on American finance emphasize the ways in which globalization and deregulation have promoted irresponsible speculation, excessive risk-taking, and unsustainable levels of debt. This book argues that the American financial system is in fact characterized by considerable coherence: far from a house of cards, it is a proper edifice, built on foundations with their own distinctive points of strength and weakness. It supports this argument through a historical interpretation of the development of American finance from colonial times to the present day.Since the 1960s, scholars and other commentators have frequently announced the imminent decline of American financial power: excessive speculation and debt are believed to have undermined the long-term basis of a stable U.S.-led financial order. But the American financial system has repeatedly shown itself to be more resilient than such assessments suggest. This book argues that there is considerable coherence to American finance: far from being a house of cards, it is a proper edifice, built on institutional foundations with points of both strength and weakness. The book examines these foundations through a historical account of their construction: it shows how institutional transformations in the late nineteenth century created a distinctive infrastl0