EAN: 9783319931838

THE GOVERNMENT OF MARKETS - RASHEED SALEUDDIN G...

Absent evidence to the contrary  it is usually assumed that US financial markets developed in
spite of government attempts to regulate  and therefore laissez faire is the best approach for
developing critically important and enduring market institutions. This book makes heavy use of
extensive archival sources that are no longer publicly available to describe in detail the
discussions inside the CBOT and the often private and confidential negotiations between
industry leaders and government officials. This work suggests that  contrary to the accepted
story  what we now know of as modern futures markets were heavily co-constructed through a
meaningful long-term collaboration between a progressive CBOT leadership and an extremely
knowledgeable and pragmatic US federal government. The industry leaders had a difficult time
evolving the modern institutions in the face of powerful reactionary internal forces. Yet in
the end the CBOT  by co-opting and cooperating with federal officials  led the exchange and
Chicago markets in general to a near century of global dominance. On the federal government
side  knowledgeable technocrats and inspired politicians led an information and analysis
explosion while interacting with industry  both formally and informally  to craft better
markets for all.

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