LEADER 03636nam 22006135 450 001 9910373881303321 005 20240105230217.0 010 $a3-030-33083-4 024 7 $a10.1007/978-3-030-33083-5 035 $a(CKB)4100000010122021 035 $a(MiAaPQ)EBC6032973 035 $a(DE-He213)978-3-030-33083-5 035 $a(EXLCZ)994100000010122021 100 $a20200128d2020 u| 0 101 0 $aeng 135 $aurcnu|||||||| 181 $ctxt$2rdacontent 182 $cc$2rdamedia 183 $acr$2rdacarrier 200 10$aWho Governs? $eLegislatures, Bureaucracies, or Markets? /$fby John H. Wood 205 $a1st ed. 2020. 210 1$aCham :$cSpringer International Publishing :$cImprint: Palgrave Macmillan,$d2020. 215 $a1 online resource (278 pages) 225 1 $aPalgrave Studies in American Economic History,$x2662-3900 300 $aIncludes index. 311 $a3-030-33082-6 327 $a1. Introduction -- 2. The Securities Act of 1933 -- 3. Bureaucracies -- 4. The NYSE and the SEC -- 5. Central Banking in the United States -- 6. Chairman of the Fed -- 7. So Who Governs?. 330 $aWhen we start to perceive that there is a problem in the market (such as monopoly, fraud or speculation), the legislature passes a law to correct it, a bureaucracy is created to interpret and enforce the new law, firms and other market participants comply, and the problem is solved. But is it? Are politicians? promises and textbooks? stories to be believed? This book examines US economic history to demonstrate how the applications of laws are uncertain, affected by changing political and economic conditions as well as by legislators? perceptions and the ability or willingness of bureaucracies to enforce laws. The two cases developed in this book revolve around William McChesney Martin, Jr., who helped apply (i) the 1930s Securities Acts as president of the New York Stock Exchange and (ii) the Federal Reserve Act in the Keynesian era unforeseen by that Act. As chairman of the New York Stock Exchange, Martin served as private regulator of firms listed on the Exchange?itself a publicly regulated entity. As chairman of the Federal Reserve, he then served as a public regulator. This book thus offers an innovative approach to understanding and examining the various issues and incentives facing each of the three parties: regulated, private regulator, and public regulator. 410 0$aPalgrave Studies in American Economic History,$x2662-3900 606 $aEconomic history 606 $aEconomic policy 606 $aFinance$xHistory 606 $aEconomic History$3https://scigraph.springernature.com/ontologies/product-market-codes/W41000 606 $aEconomic Policy$3https://scigraph.springernature.com/ontologies/product-market-codes/W34010 606 $aFinancial History$3https://scigraph.springernature.com/ontologies/product-market-codes/617000 606 $aNorth American Economics$3https://scigraph.springernature.com/ontologies/product-market-codes/W45060 607 $aAmerica$xEconomic conditions 615 0$aEconomic history. 615 0$aEconomic policy. 615 0$aFinance$xHistory. 615 14$aEconomic History. 615 24$aEconomic Policy. 615 24$aFinancial History. 615 24$aNorth American Economics. 676 $a330.9 676 $a338.9 700 $aWood$b John H$4aut$4http://id.loc.gov/vocabulary/relators/aut$054977 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910373881303321 996 $aWho Governs$91999227 997 $aUNINA