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Wasting a Crisis – Why Securities Regulation Fails - Chicago Scholarship Online
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Wasting a Crisis: Why Securities Regulation Fails

Paul G. Mahoney


This book argues that policy responses to financial crises are similar across time and place and are generally ineffective or counterproductive. Political actors, hoping to avoid blame for a financial crisis, create a “market failure narrative” arguing that misbehavior by securities market participants, rather than prior policy errors, was the primary cause of the crisis. Regulatory reforms are therefore designed to solve problems that are either non-existent or tangentially related to the crisis. The reforms often decrease competition and concentrate the market share of leading financial firm ... More

Keywords: financial crisis, New Deal, public choice, regulation, securities, SEC

Bibliographic Information

Print publication date: 2015 Print ISBN-13: 9780226236513
Published to Chicago Scholarship Online: September 2015 DOI:10.7208/chicago/9780226236650.001.0001


Affiliations are at time of print publication.

Paul G. Mahoney, author
University of Virginia