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POSC 182 Lecture 23 2010

POSC 182 Lecture 23 2010 - POSC 182 Politics and Economic...

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POSC 182: Politics and Economic Policy Unit 4: The Current Crisis Lecture 23: The Financial Crisis March 1, 2010
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Waves of Regulation Waves of regulation and deregulation tend to follow crises Progressive Era (1887-1914) : In response to overwhelming market power of large companies, these regulations sought to limit the power of large firms and unfair competitive practices Example: Sherman Antitrust Act in 1890 limited monopolies New Deal (1930s): In response to financial collapse, regulations were used to restore confidence in the financial system and to allow new industries to develop Example: Glass-Steagall Act in 1933 created FDIC to insure bank deposits and the separation of commercial and investment banking to prevent conflicts of interest between those who grant credit (commercial banks) and users of credit (investment banks) which could put commercial banks at risk from bad investments. Example: Securities and Exchange Commission (SEC) established in 1934 to prevent insider trading of stocks
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Waves of Regulation The Great Society (Mid 1960s): These regulations focused on environmental problems, consumer safety, and working conditions Environmental Protection Agency (EPA) Consumer Product Safety Commission (CPSC) Occupational Safety and Health Administration (OSHA) ensured workplace safety standards
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The Deregulatory Wave (1970s- 2008) Criticisms of regulation:
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