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

Rasheed Saleuddin

Chapter Chapter 1 in The Government of Markets, 2018, pp 1-49 from Palgrave Macmillan

Abstract: 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.

Keywords: Futures markets; Grain futures; Interwar; Financial regulation; Financial history (search for similar items in EconPapers)
Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:pal:psitcp:978-3-319-93184-5_1

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DOI: 10.1007/978-3-319-93184-5_1

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