New Deal Banking Reforms and Keynesian Welfare State Capitalism

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Routledge, Aug 23, 2007 - Business & Economics - 158 pages
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Russell provides a groundbreaking critique of the orthodox position on the nature of New Deal reforms as well as an innovative analysis of the unraveling of those reforms. Russell argues that the success of the New Deal banking reforms in the post-war period initially produced a "pax financus" in which the competitive struggles amongst financial capital were moderated. However, the success of these reforms also produced incentives to undermine the New Deal regulatory framework via a regeneration of competitive struggles among financial capitalists. As these struggles intensified, financial innovations designed to circumvent regulatory restrictions changed the conduct of commercial banking and other financial capitalist activity. As these developments progressed, there has been a resurgence in the diversified financial conglomerates (financial holding companies) reminiscent of those that flourished just prior to the Great Depression. This exceptional work will appeal to historians, economists, and those interested in this vital period of American history.

 

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Contents

New Deal Banking Reforms and Keynesian Welfare State Capitalism
1
Chapter Two The Contradictory Imperatives of the FinanceAsServant Agenda
15
Chapter Three FinanceAsServant and the Blending of Commercial and Investment Banking
31
The Rise and Repudiation of Commercial Bank Participation in Investment Banking
47
Chapter Five The Contradictory Imperatives of New Deal Banking Reforms
65
The Contradictions of New Deal Banking Reform and the Transformation of US Finance
83
Chapter Seven New Deal Banking Reforms and Future Alternative Economic Agendas
105
Notes
111
Bibliography
133
Index
143
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Russell provides a groundbreaking critique of the orthodox position on the nature of New Deal reforms as well as an innovative analysis of the unraveling of those reforms. Russell argues that the success of the New Deal banking reforms in the post-war period initially produced a "pax financus" in which the competitive struggles amongst financial capital were moderated. However, the success of these reforms also produced incentives to undermine the New Deal regulatory framework via a regeneration of competitive struggles among financial capitalists. As these struggles intensified, financial innovations designed to circumvent regulatory restrictions changed the conduct of commercial banking and other financial capitalist activity. As these developments progressed, there has been a resurgence in the diversified financial conglomerates (financial holding companies) reminiscent of those that flourished just prior to the Great Depression. This exceptional work will appeal to historians, economists, and those interested in this vital period of American history.

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