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Introduction: The Interwar Coming of Age of Modern Futures Markets, Institutions and Governance

In: The Government of Markets

Author

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  • Rasheed Saleuddin

    (University of Cambridge)

Abstract

This introduction to the story of how US government and industry co-constructed many critical modern futures institutions and governance during the interwar years begins with a scene that took place in 1922. Soon after the first (grain—especially wheat and corn) futures regulation was passed, and anti-markets rhetoric was widespread, the Secretary of the dominant exchange, the Chicago Board of Trade, wrote to the directorate stating candidly that the legislation was as pro-futures as was possible, and that it was effectively authored by the futures industry in private collaboration with the US government. This chapter introduces a new archive, now once again inaccessible, and uses that record to argue that the behind-the-scenes negotiation and end results bore no resemblance to the public story of how futures markets were modernised and then regulated.

Suggested Citation

  • Rasheed Saleuddin, 2018. "Introduction: The Interwar Coming of Age of Modern Futures Markets, Institutions and Governance," Palgrave Studies in the History of Finance, in: The Government of Markets, chapter 0, pages 1-49, Palgrave Macmillan.
  • Handle: RePEc:pal:psitcp:978-3-319-93184-5_1
    DOI: 10.1007/978-3-319-93184-5_1
    as

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