Financing Opportunity: How Financial Markets Have Fueled American Prosperity for More than Two Centuries...

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Norbert J Michel Jennifer J Schulp

Financing Opportunity

How Financial Markets Have Fueled American Prosperity for More than Two Centuries

Norbert J Michel, Jennifer J Schulp

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English

Cato Institute
01 October 2024

Banking

Financial markets have fueled American prosperity for more than two centuries, so why are they often distrusted and criticized as harmful?

The United States has had robust financial markets practically from the date the nation was founded. Within several years of ratifying the Constitution, the depth and breadth of America's banking and securities markets rivaled those of any other developed nation. And that's a good thing.

America's financial system is inseparable from America's enormous growth, productivity, and prosperity. And while it's become popular to lay a host of ills at the feet of financial markets, markets are not themselves the cause of financial instability, income stagnation, or declining investment in productive endeavors. While our system is not perfect, many people would likely be shocked to learn just how many financial market deficiencies have been caused by harmful government policies.

By providing historical context and a thorough yet easily accessible explanation of US financial markets, authors Norbert Michel and Jennifer Schulp provide a much-needed counterpoint to current debates and criticisms. Financing Opportunity not only busts many popular myths about financial markets but also proposes ways to improve how our financial markets function. With financial markets and American opportunity so closely tied, financial policy is vital to supporting growth, productivity, and prosperity.

By: Norbert J Michel, Jennifer J Schulp
Imprint: Cato Institute
Dimensions: Height: 229mm, Width: 152mm, Spine: 16mm
Weight: 472g
ISBN: 9781964524566
ISBN 10: 1964524563
Pages: 214
Publication Date: 01 October 2024
Audience: General/trade , ELT Advanced
Format: Hardback
Publisher's Status: Active

Norbert J. Michel is vice president and director of the Cato Institute's Center for Monetary and Financial Alternatives, where he specializes in issues pertaining to financial markets and monetary policy. Michel is the author of Why Shadow Banking Didn't Cause the Financial Crisis: And Why Regulating Contagion Won't Help. Jennifer J. Schulp is the director of financial regulation studies at the Cato Institute's Center for Monetary and Financial Alternatives, where she focuses on the regulation of securities and capital markets. She has testified before Congress multiple times, including before the US Senate Committee on Banking, Housing, and Urban Affairs and the US House Committee on Financial Services.

Reviews for Financing Opportunity: How Financial Markets Have Fueled American Prosperity for More than Two Centuries

""Perennial false narratives from the American left hold that our financial markets are under-regulated casinos and that they drain capital from the productive sectors of our economy. Norbert Michel and Jennifer Schulp effectively refute both notions. They show that despite excessive and often misguided regulation, the depth and sophistication of our public and private financial markets help drive American growth and contribute to our global economic leadership.""- Sen. Pat Toomey, former ranking member of the Senate Committee on Banking, Housing, and Urban Affairs ""It is unfortunate that a book explaining the history and criticality of robust financial markets to US prosperity is even necessary, but given recent progressive and populist attacks upon them, it is. Fortunately, this accomplished professional duo has risen to the moment to produce an excellent, well-researched, and easily readable work on the topic.""-Rep. Jeb Hensarling, former chairman, House Financial Services Committee ""This volume will be invaluable to anyone seeking to understand the current debates about future financial regulation.""- Andrew Olmem, former deputy director, White House National Economic Council ""This book is a must-read for anyone who wants to understand how America's financial markets have fueled our unmatched economic growth and prosperity. . . . This highly readable book gives specific examples of financial regulations' unintended negative consequences and offers thoughtful core principles and recommendations for a better approach.""- Michael Piwowar, former commissioner of the US Securities and Exchange Commission ""In this valuable work, Michel and Schulp provide a necessary corrective to the anti-financial hysteria of many on the left and right today. . . . By providing an overview of many aspects of historical and contemporary finance, this book will reward both financial novices and experts alike.""- Judge Glock, director of research and senior fellow, Manhattan Institute, and contributing editor, City Journal