Padma Desai
- Published in print:
- 2011
- Published Online:
- November 2015
- ISBN:
- 9780231157865
- eISBN:
- 9780231527743
- Item type:
- chapter
- Publisher:
- Columbia University Press
- DOI:
- 10.7312/columbia/9780231157865.003.0009
- Subject:
- Economics and Finance, Public and Welfare
This chapter describes the persistence of American capitalism by recalling the analyses of renowned economists Adam Smith and John Maynard Keynes. American capitalism is recognized as a unique ...
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This chapter describes the persistence of American capitalism by recalling the analyses of renowned economists Adam Smith and John Maynard Keynes. American capitalism is recognized as a unique private enterprise system that is distinguished by its remarkable entrepreneurial drive, innovative ingenuity, risk taking, as well as complex financial and technological underpinning. Within this system, government spending is indispensable, but prudence ensures stability and growth of the market system. The chapter also seeks to address three issues. The first deals with the effectiveness of new regulatory policies implemented by the financial sector; the second is about the compromises made by the U.S. legislators, aiming at the effective enforcement of these regulations; and the third issue is whether or not the responses of U.S. banks to new regulations indicate their readiness for regulatory overhaul.Less
This chapter describes the persistence of American capitalism by recalling the analyses of renowned economists Adam Smith and John Maynard Keynes. American capitalism is recognized as a unique private enterprise system that is distinguished by its remarkable entrepreneurial drive, innovative ingenuity, risk taking, as well as complex financial and technological underpinning. Within this system, government spending is indispensable, but prudence ensures stability and growth of the market system. The chapter also seeks to address three issues. The first deals with the effectiveness of new regulatory policies implemented by the financial sector; the second is about the compromises made by the U.S. legislators, aiming at the effective enforcement of these regulations; and the third issue is whether or not the responses of U.S. banks to new regulations indicate their readiness for regulatory overhaul.
Padma Desai
- Published in print:
- 2011
- Published Online:
- November 2015
- ISBN:
- 9780231157865
- eISBN:
- 9780231527743
- Item type:
- chapter
- Publisher:
- Columbia University Press
- DOI:
- 10.7312/columbia/9780231157865.003.0008
- Subject:
- Economics and Finance, Public and Welfare
This chapter analyzes the Great Depression in an attempt to understand the current financial crisis. The Great Depression of the 1930s is known for the combination of financial collapse, economic ...
More
This chapter analyzes the Great Depression in an attempt to understand the current financial crisis. The Great Depression of the 1930s is known for the combination of financial collapse, economic downturn, increased unemployment, and failed regulatory efforts. Historians and economists sought to identify conditions in the 1920s that contributed to the Great Depression of the 1930s, and the institutional and policy measures adopted during the administration of former President Roosevelt. The chapter compares these measures with how the Obama administration dealt with the current financial crisis and eventually proposed regulatory overhaul that aimed at preempting similar turmoil in the future.Less
This chapter analyzes the Great Depression in an attempt to understand the current financial crisis. The Great Depression of the 1930s is known for the combination of financial collapse, economic downturn, increased unemployment, and failed regulatory efforts. Historians and economists sought to identify conditions in the 1920s that contributed to the Great Depression of the 1930s, and the institutional and policy measures adopted during the administration of former President Roosevelt. The chapter compares these measures with how the Obama administration dealt with the current financial crisis and eventually proposed regulatory overhaul that aimed at preempting similar turmoil in the future.
