Sarah L. Quinn
- Published in print:
- 2019
- Published Online:
- January 2020
- ISBN:
- 9780691156750
- eISBN:
- 9780691185613
- Item type:
- chapter
- Publisher:
- Princeton University Press
- DOI:
- 10.23943/princeton/9780691156750.003.0006
- Subject:
- Political Science, American Politics
This chapter looks at the postwar boom in mortgage bonds. The market heated up at the close of the 1920s as lenders marketed mortgage bonds to American families. With families now acting as investors ...
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This chapter looks at the postwar boom in mortgage bonds. The market heated up at the close of the 1920s as lenders marketed mortgage bonds to American families. With families now acting as investors in an unregulated financial market, these bond sales reflected the new logic of the shareholder democracy. The crux of the shareholder democracy was not just that Wall Street's markets could welcome small investors, but also that those markets should be unregulated. As the boom grew into a full-scale bubble, sellers had more reason to exploit the ignorance of small investors, and there was no real government oversight in place to stop them. Emboldened by the wartime bond drives and courted by Wall Street and advertisers, many Americans jumped into the shareholder democracy by investing in mortgage bonds. This was, in retrospect, a recipe for disaster. The collapse of this market in the early 1930s wiped out the private market for mortgage bonds completely and led to regulatory prohibitions against small-investor purchases of mortgage bonds.Less
This chapter looks at the postwar boom in mortgage bonds. The market heated up at the close of the 1920s as lenders marketed mortgage bonds to American families. With families now acting as investors in an unregulated financial market, these bond sales reflected the new logic of the shareholder democracy. The crux of the shareholder democracy was not just that Wall Street's markets could welcome small investors, but also that those markets should be unregulated. As the boom grew into a full-scale bubble, sellers had more reason to exploit the ignorance of small investors, and there was no real government oversight in place to stop them. Emboldened by the wartime bond drives and courted by Wall Street and advertisers, many Americans jumped into the shareholder democracy by investing in mortgage bonds. This was, in retrospect, a recipe for disaster. The collapse of this market in the early 1930s wiped out the private market for mortgage bonds completely and led to regulatory prohibitions against small-investor purchases of mortgage bonds.
Thomas F. Babor, Jonathan Caulkins, Benedikt Fischer, David Foxcroft, Keith Humphreys, María Elena Medina-Mora, Isidore Obot, Jürgen Rehm, Peter Reuter, Robin Room, Ingeborg Rossow, and John Strang
- Published in print:
- 2018
- Published Online:
- August 2018
- ISBN:
- 9780198818014
- eISBN:
- 9780191859410
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/oso/9780198818014.003.0006
- Subject:
- Public Health and Epidemiology, Public Health, Epidemiology
The growth of modern medicine, is paralleled by substantial growth in psychopharmaceutical medications designed to treat psychiatric disorders, pain, cognitive dysfunction, mental distress, and sleep ...
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The growth of modern medicine, is paralleled by substantial growth in psychopharmaceutical medications designed to treat psychiatric disorders, pain, cognitive dysfunction, mental distress, and sleep disorders. These medications, many of which have high dependence potential, are primarily distributed through a prescription system. Diversion of psychopharmaceuticals from this system for non-medical use constitutes a substantial part of the illicit drug market in a growing number of countries. While there is considerable criminal or organized diversion from the prescription system, much of the leakage happens informally, often at the consumer/patient end of the distribution or availability chain. Modern technologies, including Internet-based market elements and new synthetic medications, are blurring the boundaries between medicines and illicit drugs, especially in affluent countries. The pathways of availability and distribution for non-medical use of ‘illicit drugs’ and of psychopharmaceuticals are thus increasingly converging and overlapping.Less
The growth of modern medicine, is paralleled by substantial growth in psychopharmaceutical medications designed to treat psychiatric disorders, pain, cognitive dysfunction, mental distress, and sleep disorders. These medications, many of which have high dependence potential, are primarily distributed through a prescription system. Diversion of psychopharmaceuticals from this system for non-medical use constitutes a substantial part of the illicit drug market in a growing number of countries. While there is considerable criminal or organized diversion from the prescription system, much of the leakage happens informally, often at the consumer/patient end of the distribution or availability chain. Modern technologies, including Internet-based market elements and new synthetic medications, are blurring the boundaries between medicines and illicit drugs, especially in affluent countries. The pathways of availability and distribution for non-medical use of ‘illicit drugs’ and of psychopharmaceuticals are thus increasingly converging and overlapping.
Frank Stricker
- Published in print:
- 2020
- Published Online:
- January 2021
- ISBN:
- 9780252043154
- eISBN:
- 9780252052033
- Item type:
- chapter
- Publisher:
- University of Illinois Press
- DOI:
- 10.5622/illinois/9780252043154.003.0001
- Subject:
- Sociology, Occupations, Professions, and Work
Main arguments are discussed and key concepts are defined to help readers later on and to preview the book’s effort to evaluate mainstream paradigms, one of which is that 4 percent unemployment is ...
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Main arguments are discussed and key concepts are defined to help readers later on and to preview the book’s effort to evaluate mainstream paradigms, one of which is that 4 percent unemployment is full employment. Flaws in the idea of frictional unemployment are sketched. This chapter stresses the importance of discouraged workers and other jobless people outside the labor force. Truly full employment requires more jobs than people needing jobs, short periods for finding work, and real wages rising 2 percent per year. These conditions have been rare. The final argument is that neoliberalism and unregulated markets cannot bring full employment. Government job programs are essential.Less
Main arguments are discussed and key concepts are defined to help readers later on and to preview the book’s effort to evaluate mainstream paradigms, one of which is that 4 percent unemployment is full employment. Flaws in the idea of frictional unemployment are sketched. This chapter stresses the importance of discouraged workers and other jobless people outside the labor force. Truly full employment requires more jobs than people needing jobs, short periods for finding work, and real wages rising 2 percent per year. These conditions have been rare. The final argument is that neoliberalism and unregulated markets cannot bring full employment. Government job programs are essential.
