From the Great Recession to the Covid-19 Pandemic: A Financial History of the United States 2010-2020

This book provides a comprehensive financial history of the United States during the early 21st century, covering the recovery from the Great Recession, regulatory responses to the Financial Crisis, and the rules adopted under the Dodd-Frank Act. It also discusses the Trump trade wars and the Covid-19 pandemic's impact on the economy.

Format: Hardback
Length: 320 pages
Publication date: 10 March 2022
Publisher: Taylor & Francis Ltd

This comprehensive volume delves into the financial history of the United States during a pivotal period of immense upheaval in the early 21st century. It is structured into three chronological sections, each offering a detailed account of the events and developments that shaped the financial landscape during this time.

The first section provides a comprehensive overview of the recovery of financial markets following the devastating impact of the Great Recession. It begins by examining the state of the economy at the dawn of the new decade, encompassing the political storms that were exerting a profound influence on both the economy and financial markets. The author then delves into the uneven nature of the recovery, highlighting the fluctuations in the Treasury and the challenges faced by policymakers in stabilizing the financial system.

The second section delves into the regulatory responses to the Financial Crisis of 2008, which was a defining moment in global financial history. The author explores the massive fines imposed on large banks by a swarm of regulators, shedding light on the "too big to jail" prosecution model that emerged as a result of the crisis. The section also examines cases involving Libor and foreign exchange manipulation, as well as the impact of rogue traders on financial markets. Additionally, it delves into the developments in payment systems, the rise of crowdfunding as a source of capital, and the prevalence of high-frequency trading.

The third section focuses on the rules adopted under the Dodd-Frank Act of 2010, which aimed to reform the financial industry and prevent another catastrophic meltdown. The author provides a detailed account of the provisions of the Act, including the creation of the Consumer Financial Protection Bureau and the implementation of new regulations for banks and financial institutions. The section also recounts the Trump trade wars, which were characterized by tariffs and trade restrictions that had significant implications for global economic stability.

In conclusion, this volume is a valuable resource for academic and public libraries, catering to readers from diverse fields such as business schools, departments of economics and finance, and historians. It offers a comprehensive and insightful examination of the financial history of the United States during a period of profound transformation, providing valuable insights into the challenges and opportunities that shaped the financial landscape of the 21st century.

Dimension: 229 x 152 (mm)
ISBN-13: 9781032161006