Casebook

Main Content

Legal History: History of American Economic Regulation (Spring 2015)

Kenneth Mack
Original author: Kenneth Mack
1
I. Law and the Economy: Contract and Regulation
1.1
Morton J. Horwitz, The Triumph of Contract, in his Transformation of American Law, 1780-1860, pp. 160-70, 173-92, 201.
Link
1.2
R.H. Coase, Adam Smith’s View of Man, 19 Journal of Law and Economics 529 (1976)
Link
1.3
Roy Kreitner, Calculating Promises: The Emergence of Modern American Contract Doctrine 97-99, 100-01, 156-59 (2007)
Link
1.4
William Cronon, Nature’s Metropolis: Chicago and the Great West 123-132, 136-138, 143-146
Link
1.5
Board of Trade of the City of Chicago v. Christie Grain & Stock Co.
198 US 236
1905
Case
2
II. The Rise of the Business Corporation: From Public to Private?
2.1
Melvin Urofsky, The Case of the Rival Steamboat Operators, in his Supreme Decisions, 33-37
Link
2.2
Livingston v. Van Ingen
9 Johns. 507
1812
Case
2.3
Farwell v. Boston & Worcester Rail Road Corp.
4 Metcalf 49
1842
Case
2.4
Christopher Tomlins, Law, Labor and Ideology in the Early American Republic, 294-305
Link
2.5
Ida Tarbell, The History of the Standard Oil Company, excerpt
Link
2.6
Read: Horwitz (Transformation II), Chapter 3.
Text
3
III. Lawyers and the Constitutional Law of Regulation
3.1
Alexis de Tocqueville, Causes Which Mitigate Tyranny of the Majority in the United States (in his Democracy in America)
Link
3.2
Note on David Dudley Field
Link
3.3
Herbert Hovenkamp, Enterprise and American Law, 96-99, 199-203
Link
3.4
Live-Stock Dealers' & Butchers' Ass'n v. Crescent City Live-Stock Landing & Slaughter-House Co.
15 F.Cas. 649
1870
Case
3.5
Wendell Phillips, Resolutions Against the Profit System (1871)
Link
3.6
Munn v. Illinois
94 U.S. 113
1876
Case
3.7
David Brewer, Protection to Private Property from Public Attack (1891)
Link
3.8
United States v. E.C. Knight Co.
156 US 1
1895
Case
3.9
Lochner v. New York
198 US 45
1905
Case
4
IV. Regulation and Administrative Law to 1937
4.1
Herbert Hovenkamp, Enterprise and American Law, 1836-1937, pp. 125-30
Link
4.2
Robin Einhorn, Property Rules, 14-19
Link
4.3
Hendrik Hartog, Pigs and Positivism, 1985 Wisconsin Law Review 899
Link
4.4
Read: Horwitz (Transformation II), pp. 213-233
Text
4.5
Binyamin Appelbaum, On Finance Reform Bill, Lobbying Shifts to Regulations, N.Y. Times, June 27, 2010
Link
5
V. Banking History and The Emergence of The Federal Reserve
5.1
Alexander Hamilton, Report on the Subject of a National Bank (Dec. 13, 1790)
Link
5.2
Andrew Jackson, Veto Message re: Second Bank of the United States
Link
5.3
Report of the Committee on the Monetary System, Southern Alliance (1889)
Link
5.4
Report of the Committee on Demands, Southern Alliance (1990)
Link
5.5
National People’s Party Platform (1892)
Link
5.6
William Jennings Bryan, Cross of Gold Speech (1896)
Link
5.7
Read: Ahamed (Lords of Finance), pp. 23-33, 45-57, 76-95, 99-100, 104-07, 130-32, 139-44, 155-64, 170-76, 215-21, 235-40
Text
6
VI. Forms of Regulation
6.1
Louis Brandeis, Other People’s Money, excerpt
Link
6.2
Theodore Roosevelt, Osawatomie Speech (1910)
Link
6.3
Barack Obama, Remarks by the President on the Economy in Osawatomie, Kansas (Dec. 6, 2011)
Link
6.4
Michael Schroeder, Insurers Brace for a Fight: Bill Offers Choice of Regulators: Federal Overseer or State Patchwork - Wall St. J., May 15 (2006)
Link
6.5
Benjamin M. Friedman, Two Roads to Our Financial Catastrophe, N.Y. Rev. Books, April 29, 2010
Link
6.6
Julia Ott, When Wall Street Met Main Street: The Quest for an Investor’s Democracy, 191-213
Link
6.7
Thomas K. McGraw, With Consent of the Governed: SEC’s Formative Years, 1 J. Pol’y Analysis & Mgmt. 346 (1982)
Link
7
VII. New Deal Settlement?
7.1
Franklin Delano Roosevelt, “Commonwealth Club Address” (1932)
Link
7.2
Herbert Hovenkamp, The Opening of American Law, 282-98
Link
7.3
Franklin Roosevelt, “Fireside Chat” (9/30/1934)
Link
7.4
Rexford Tugwell, The Industrial Discipline and the Governmental Arts, excerpt
Link
7.5
J.M. Keynes, An Open Letter to President Roosevelt (1933)
Link
7.6
Read: Ahamed (Lords of Finance), 451-76
Text
7.7
Franklin Roosevelt, State of the Union Address, (01/11/1944)
Link
7.8
Joel Seligman, The Transformation of Wall Street: A History of the Securities and Exchange Commission and Modern Corporate Finance, Ch.2-3
Link
8
VIII. The Postwar Consensus and Its Unraveling
8.1
FDIC, Bank and Thrift Failures, 1934 to 2009
Link
8.2
Richard Hofstadter, What Happened to the Antitrust Movement? (1964)
Link
8.3
Kim Phillips-Fein, Invisible Hands, 87-104
Link
8.4
Read: Horwitz (Transformation II), p. 233-46
Text
8.5
F.A. Hayek, Economic Policy and the Rule of Law (1960)
Link
8.6
Lewis Powell, Jr., Confidential Memorandum: Attack on American Free Enterprise System (1971)
Link
8.7
Stephen Breyer, Analyzing Regulatory Failure, 92 Harvard Law Review 548-60 (1979) pp.549-550
Link
8.8
Michael Livermore and Richard Revesz, Regulatory Capture, and Agency Inaction, 101 Georgetown Law Journal 1337-44 (2013)
Link
9
IX. Financialization and Deregulation
9.1
Thomas Piketty, Capital in the Twenty-First Century, 20-27, 291-303
Link
9.2
Greta Krippner, Capitalizing on Crisis: The Political Origins of the Rise of Finance, pp. 58-85.
Link
9.3
Gerald F. Davis, Managed by the Markets, 102-34
Link
9.4
Simon Johnson and James Kwak, 13 Bankers (New York: Pantheon, 2010), 88-119
Link
9.5
The Long Demise of Glass-Steagall, Frontline, May 8, 2003. pp. 671-676
Link
9.6
Senator Gramm’s Statement at Signing Ceremony for Gramm-Leach-Bliley Bill, Nov. 12, 1999
Link
9.7
Vanessa Drucker, The SEC Killed Wall Street on April 28, 2004, Real Clear Markets, Feb. 18, 2009
Link
9.8
Neil Irwin, The Alchemists: Three Central Bankers and a World on Fire, 93-108
Link
9.9
Alan Greenspan, Risk Transfer and Financial Stability (May 2005)
Link
10
X. The Crisis of 2008 and Consequent Reform Initiatives
10.1
Alan S. Blinder, After the Music Stopped, 56-86
Link
10.2
James B. Stewart, Eight Days, The New Yorker, Sep. 21, 2009
Link
10.3
Timeline of Financial Crisis
Link
10.4
Alan S. Blinder, An Early-Warning System, Run by the Fed, N.Y. Times, July 26, 2009
Link
10.5
Paul Volcker, How to Reform Our Financial System, N.Y. Times, Jan. 31, 2010
Link
10.6
Henry M. Paulson, Jr., How to Watch the Banks, N.Y. Times, Feb. 16, 2010
Link
10.7
Paul Krugman, Making Financial Reform Fool-Resistant, N.Y. Times, Apr. 5, 2010
Link
10.8
Michael J. De La Merced, Weill Calls for Splitting up Big Banks, N.Y. Times, July 25, 2012
Link
10.9
Financial Regulatory Reform, N.Y. Times, July 21, 2010
Link
10.10
Summary of Dodd-Frank Financial Regulation Legislation, The Harvard Law School Forum on Corporate Governance and Financial Regulation, July 7, 2010
Link
11
XI. Post Dodd-Frank
11.1
Simon Johnson and James Kwak, 13 Bankers (New York: Pantheon, 2010), 189-222
Link
11.2
Alan S. Blinder, After the Music Stopped, 290-342
Link
11.3
Board of Governors of the Federal Reserve System, et al., Final Rules to Implement Volcker Rule
Link
11.4
Simon Johnson, It’s Time to Fix the Money Market Funds (Yahoo Finance)
Link
11.5
Seeking Business, States Loosen Insurance Rules, N.Y. Times, May 8, 2011
Link
11.6
James B. Stewart, Calculated Deal in a Rate-Rigging Inquiry, N.Y. Times, July 13, 2012
Link
11.7
Gretchen Morgenson, Into the Bailout Buzz Saw, N.Y. Times, July 21, 2012
Link
11.8
Derivatives Reform on the Ropes, New York Times, May 19, 2013
Link
11.9
Gretchen Morgenson, After a Financial Flood, Pipes Still Broken, New York Times, Sep. 14, 2013
Link
11.10
Floyd Norris, Liquidity for Banks: This Time Defined, N.Y. Times, Sept. 4, 2014
Link
11.11
Ben Protess and Susanne Craig, Inside the End of the U.S. Bid to Punish Lehman Executives, dealbook.nytimes.com, Sep. 14, 2013
Link
11.12
Peter Henning, Blurred Lines in Big Bank Mortgage Settlements, N.Y. Times, Aug. 22, 2014
Link
11.13
Ben Protess and Jessica Silver-Greenberg, In Extracting Deal from J.P. Morgan, US Aimed for Bottom Line, (N.Y. Times, Nov. 19, 2013)
Link
11.14
Ben Protess, Jessica Silver-Greenberg and Michael Corkery, From Benghazi to the Boardroom: The Road to the $7 Billion Citigroup Settlement (N.Y. Times, July 13, 2014)
Link
12
XII. Expert Knowledge in the Regulatory Debate: Economics and History
12.1
Daniel T. Rodgers, Age of Fracture, 41-76
Link
12.2
Testimony of Alan Greenspan, Committee of Government Oversight and Reform, U.S. House of Representatives, Oct. 23, 2008
Link
12.3
Edmund L. Andrews, Greenspan Concedes Error on Regulation, N.Y. Times, Oct. 24, 2008
Link
12.4
Paul Krugman, How Did Economists Get It So Wrong? N.Y. Times, Sep. 2, 2009
Link
12.5
Casey Mulligan, Is Macroeconomics Off Track?, in The Economists’ Voice (Dec. 2009)
Link
12.6
Robert J. Barbera, If It Were a Fight, They Would Have Stopped it in December of 2008, in The Economists’ Voice (Apr. 2010)
Link
12.7
John Cassidy, After the Blowup, The New Yorker, Jan. 11, 2010
Link
12.8
Harry McVea, Financial Services Regulation Under the Financial Services Authority: A Reassertion of the Market Failure Thesis,? 64 Cambridge Law Journal 413 (2005)
Link