Genealogy Of American Finance

In this unique, well-illustrated book, readers learn how fifty financial corporations came to dominate the U.S. banking system and their impact on the nation's political, social, and economic growth. A story that spans more than two centuries of war, crisis, and opportunity, this account reminds readers that American banking was never a fixed enterprise but has evolved in tandem with the country. More than 225 years have passed since Alexander Hamilton created one of the nation's first commercial banks. Over time, these institutions have changed hands, names, and locations, reflecting a wave of mergers, acquisitions, and other restructuring efforts that echo changes in American finance. Some names, such as Bank of America and Wells Fargo, will be familiar to readers. The origins of others, including Zions Bancorporation, founded by Brigham Young and owned by the Mormon Church until 1960, are surprising. Exploring why some banks failed and others thrived, this book wonders, in light of the 2008 financial crisis, whether recent consolidations have reached or even exceeded economically rational limits. A key text for navigating the complex terrain of American finance, this volume draws a fascinating family tree for projecting the financial future of a nation.

This volume presents essays that take a historical look at aspects of the finance-growth nexus.

Advances in Financial Economics, volume 18, will present research on corporate governance both in the US and globally. The volume will aim at providing a deeper understanding of corporate governance practices, trends, innovations and challenges using international data.

This ground-breaking book adds an economic angle to a traditionally moral argument, demonstrating that slavery has never promoted economic growth or development, neither today nor in the past. While unfree labor may be lucrative for slaveholders, its negative effects on a country’s economy, much like pollution, drag down all members of society. Tracing the history of slavery around the world, from prehistory through the US Antebellum South to the present day, Wright illustrates how slaveholders burden communities and governments with the task of maintaining the system while preventing productive individuals from participating in the economy. Historians, economists, policymakers, and anti-slavery activists need no longer apologize for opposing the dubious benefits of unfree labor. Wright provides a valuable resource for exposing the hidden price tag of slaving to help them pitch antislavery policies as matters of both human rights and economic well-being.

From Wall Street to Bay Street is the first book for a lay audience to tackle the similarities and differences between the financial systems of Canada and the United States. Christopher Kobrak and Joe Martin reveal the different paths each system has taken since the early nineteenth-century.

By the early twentieth century, it became common to describe the United States as a "business civilization." President Coolidge in 1925 said, "The chief business of the American people is business." More recently, historian Sven Beckert characterized Henry Ford's massive manufactory as the embodiment of America: "While Athens had its Parthenon and Rome its Colosseum, the United States had its River Rouge Factory in Detroit..." How did business come to assume such power and cultural centrality in America? This volume explores the variety of business enterprise in the United States and analyzes its presence in the country's economy, its evolution over time, and its meaning in society. It introduces readers to formative business leaders (including Elbert Gary, Harlow Curtice, and Mary Kay Ash), leading firms (Mellon Bank, National Cash Register, Xerox), and fiction about business people (The Octopus, Babbitt, The Man in the Grey Flannel Suit). It also discusses Alfred Chandler, Joseph Schumpeter, Mira Wilkins, and others who made significant contributions to understanding of America's business history. This VSI pursues its three central themes - the evolution, scale, and culture of American business - in a chronological framework stretching from the American Revolution to today. The first theme is evolution: How has U.S. business evolved over time? How have American companies competed with one another and with foreign firms? Why have ideas about strategy and management changed? Why did business people in the mid-twentieth century celebrate an "organizational" culture promising long-term employment in the same company, while a few decades later entrepreneurship was prized? Second is scale: Why did business assume such enormous scale in the United States? Was the rise of gigantic corporations due to the industriousness of its population, or natural resources, or government policies? And third, culture: What are the characteristics of a "business civilization"? How have opinions on the meaning of business changed? In the late nineteenth century, Andrew Carnegie believed that America's numerous enterprises represented an exuberant "triumph of democracy." After World War II, however, sociologist William H. Whyte saw business culture as stultifying, and historian Richard Hofstadter wrote, "Once great men created fortunes; today a great system creates fortunate men." How did changes in the nature of business affect popular views? Walter A. Friedman provides the long view of these important developments.

Growing concern about inequality has led to proposals to remake American society according to ill-conceived and coercive "egalitarian" values that are fundamentally unfair. This unique book reveals the modern romance with equality as a destructive flirtation. The elites who advocate such notions claim they champion the poor—but more often than not the nostrums of this managerial class undermine, rather than advance, mass prosperity and human well-being. The authors of In All Fairness challenge all of the prevailing egalitarian ideas, including the claim that the country is riven by inequality in the first place. After all, our economy thrives with a division of labor that allows individuals who are unequal in interests and talents to pursue their own unique goals. Looked at in this way, equality is far more widespread than overheated rhetoric might lead one to expect—as factual data show. But it is an equality of a particularly valuable type—one arrived at, not by top-down attempts to impose economic uniformity, but by our respecting inviolable rules of fair play and the dignity of each person, a dignity that requires everyone to respect the voluntary transactions of others. This approach holds equity, liberty, diversity, and prosperity together. Would we want it any other way in America and anywhere around the world? The authors draw on economics, philosophy, religion, law, political science, and history to provide answers to a perennial question that especially agitates the American public today: Can the coercive powers of the state be used to achieve a kind of arithmetic equality? The authors, each in their own way, make a strong case that they should not be used in this fashion. Love inequality or loathe it, In All Fairness is full of key insights about the connections among fairness, liberty, equality and the quest for human dignity. You won't think about wealth and poverty, equality and inequality, in the same way ever again.

A revealing examination of the often misunderstood history of contemporary financial markets.