New Deal Banking Reforms and Keynesian Welfare State Capitalism

By Ellen Russell

© 2007 – Routledge

158 pages

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Paperback: 9780415541817
pub: 2012-02-22
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About the Book

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.

Table of Contents

List of Figures

Acknowledgments

Chapter One: "Finance-As-Servant"?: New Deal Banking Reforms and Keynesian Welfare State Capitalism

Chapter Two: The Contradictory Imperatives of the "Finance-As-Servant" Agenda

Chapter Three: "Finance-As-Servant" and the Blending of Commercial and

Investment Banking

Chapter Four: Prelude to the 1930s: The Rise and Repudiation of Commercial

Bank Participation in Investment Banking

Chapter Five: The Contradictory Imperatives of New Deal Financial Reforms

Chapter Six: From Pax Financus to Bellum Financus: The Contradictions of

New Deal Financial Reform and the Transformation of US Finance

Chapter Seven: Lessons of the New Deal Financial Reforms for Future Alternative

Economic Agendas

Notes

Bibliography

Index

About the Author

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.

About the Series

New Political Economy

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Subject Categories

BISAC Subject Codes/Headings:
BUS023000
BUSINESS & ECONOMICS / Economic History
BUS069030
BUSINESS & ECONOMICS / Economics / Theory
HIS036000
HISTORY / United States / General