Nationalization, De-Nationalization, Re-Nationalization: Some Historical and Comparative Perspective
Mark A. Edwards
William Mitchell College of Law
November 24, 2009
Pace Law Review, Vol. 30, p. 124, 2009
William Mitchell Legal Studies Research Paper No. 125
The history of banking in the United States is the history of competing impulses, one motivated by ideology, the other by pragmatism. Against ideological preferences for federalism and relatively laissez-faire capitalism, pragmatic responses to crises have lead repeatedly to attempts at centrally planned regulatory intervention into lending. While the degree of intervention fluctuates through time in response to various crises, it is never accurate to characterize banking and housing finance industries as either fully nationalized or fully de-nationalized. Examining banking and housing finance industries in nations with diverse histories and systems of government reveals surprisingly similar patterns of government intervention. Ideology gives way to pragmatism in response to crises, then re-emerges when it can be afforded. Our ideological preferences are luxuries that we have paid for repeatedly, and at great cost.
Number of Pages in PDF File: 32
Keywords: Mortgages, Nationalization, Housing, Fannie, Freddie, Bank, Intervention, Regulation, Panic, Collapse
Date posted: November 27, 2009 ; Last revised: October 21, 2010
© 2015 Social Science Electronic Publishing, Inc. All Rights Reserved.
This page was processed by apollo1 in 0.344 seconds