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A comprehensive history of fraud in America, from the early nineteenth century to the subprime mortgage crisis In America, fraud has always been a key feature of business, and the national worship of entrepreneurial freedom complicates the task of distinguishing salesmanship from deceit. In this sweeping narrative, Edward Balleisen traces the history of fraud in America—and the evolving efforts to combat it—from the age of P. T. Barnum through the eras of Charles Ponzi and Bernie Madoff. This unprecedented account describes the slow, piecemeal construction of modern institutions to protect consumers and investors—from the Gilded Age through the New Deal and the Great Society. It concludes with the more recent era of deregulation, which has brought with it a spate of costly frauds, including corporate accounting scandals and the mortgage-marketing debacle. By tracing how Americans have struggled to foster a vibrant economy without encouraging a corrosive level of cheating, Fraud reminds us that American capitalism rests on an uneasy foundation of social trust.
The "self-made" man is a familiar figure in nineteenth-century American history. But the relentless expansion of market relations that facilitated such stories of commercial success also ensured that individual bankruptcy would become a prominent feature in the nation's economic landscape. In this ambitious foray into the shifting character of American capitalism, Edward Balleisen explores the economic roots and social meanings of bankruptcy, assessing the impact of widespread insolvency on the evolution of American law, business culture, and commercial society. Balleisen makes innovative use of the rich and previously overlooked court records generated by the 1841 Federal Bankruptcy Act, bu...
After two generations of emphasis on governmental inefficiency and the need for deregulation, we now see growing interest in the possibility of constructive governance, alongside public calls for new, smarter regulation. Yet there is a real danger that regulatory reforms will be rooted in outdated ideas. As the financial crisis has shown, neither traditional market failure models nor public choice theory, by themselves, sufficiently inform or explain our current regulatory challenges. Regulatory studies, long neglected in an atmosphere focused on deregulatory work, is in critical need of new models and theories that can guide effective policy-making. This interdisciplinary volume points the way toward the modernization of regulatory theory. Its essays by leading scholars move past predominant approaches, integrating the latest research about the interplay between human behavior, societal needs, and regulatory institutions. The book concludes by setting out a potential research agenda for the social sciences.
In this book, compelling case studies show how past crises have reshaped regulation, and how policy-makers can learn from crises in the future.
As an experiment in reconnecting academia to the broader democracy, this work is designed to invigorate public policy debate by rededicating academic work to the pursuit of solutions to society's great problems.
In this compelling story about one of the nineteenth century's most famous Americans, Benjamin Reiss uses P. T. Barnum's Joice Heth hoax to examine the contours of race relations in the antebellum North. Barnum's first exhibit as a showman, Heth was an elderly enslaved woman who was said to be the 161-year-old former nurse of the infant George Washington. Seizing upon the novelty, the newly emerging commercial press turned her act--and especially her death--into one of the first media spectacles in American history. In piecing together the fragmentary and conflicting evidence of the event, Reiss paints a picture of people looking at history, at the human body, at social class, at slavery, at performance, at death, and always--if obliquely--at themselves. At the same time, he reveals how deeply an obsession with race penetrated different facets of American life, from public memory to private fantasy. Concluding the book is a piece of historical detective work in which Reiss attempts to solve the puzzle of Heth's real identity before she met Barnum. His search yields a tantalizing connection between early mass culture and a slave's subtle mockery of her master.
Contract law as applied in the real world and not just in the law books: the classic study of the social and economic realities of contracts in commercial and trade cases, told through case studies and rich historical analysis. A recognized and oft-cited study in law & society, this volume previously hid out as a rare book or was completely unavailable. Now readily accessible and reasonably priced, it also features a new preface by the author and a new, analytical foreword by Stewart Macaulay.
The definitive history of pawnbroking in the United States from the nation’s founding through the Great Depression, In Hock demonstrates that the pawnshop was essential to the rise of capitalism. The class of working poor created by this economic tide could make ends meet only, Wendy Woloson argues, by regularly pawning household objects to supplement inadequate wages. Nonetheless, businessmen, reformers, and cultural critics claimed that pawnshops promoted vice, and employed anti-Semitic stereotypes to cast their proprietors as greedy and cold-hearted. Using personal correspondence, business records, and other rich archival sources to uncover the truth behind the rhetoric, Woloson brings to life a diverse cast of characters and shows that pawnbrokers were in fact shrewd businessmen, often from humble origins, who possessed sophisticated knowledge of a wide range of goods in various resale markets. A much-needed new look at a misunderstood institution, In Hock is both a first-rate academic study of a largely ignored facet of the capitalist economy and a resonant portrait of the economic struggles of generations of Americans.
Valuing Clean Air explains why and how environmental regulation came to be a critical site in the evolution of federal governance in both idea and practice in American politics and society.
A study of the early years of the life insurance industry in 19th century America. Investing in Life considers the creation and expansion of the American life insurance industry from its early origins in the 1810s through the 1860s and examines how its growth paralleled and influenced the emergence of the middle class. Using the economic instability of the period as her backdrop, Sharon Ann Murphy also analyzes changing roles for women; the attempts to adapt slavery to an urban, industrialized setting; the rise of statistical thinking; and efforts to regulate the business environment. Her research directly challenges the conclusions of previous scholars who have dismissed the importance of t...