Managing mad money – national systems
in Mad Money
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This chapter explains how the national systems of financial regulation came into being and how they were shaped by the political ideas and motivations prevailing in national societies. Since it is probably the best known and politically the most dominant system, it looks at the history of financial regulation in the United States. The close symbiosis between the United States and Japan makes their respective systems of financial regulation a matter of mutual concern. Even the briefest account of the French and German systems of national financial regulation will serve to reinforce many of the points already made, concerning the damage done to prudential supervision by the globalisation of finance. The old British empire may have been won by naval power, but it was maintained and extended by British finance capital, which even exerted a dominant extraterritorial influence in Latin America, the Ottoman empire and Middle East and Far East.

Mad Money

With an introduction by Benjamin J. Cohen

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