The Government of Markets

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The book challenges the conventional belief that US financial markets emerged independently of government regulation. Through extensive archival research, it details the collaboration between the Chicago Board of Trade (CBOT) leadership and federal officials, revealing how their partnership shaped modern futures markets. Despite internal resistance, this cooperation fostered significant advancements in market institutions, leading to a century of dominance for Chicago markets. The narrative highlights the role of informed technocrats and politicians in enhancing market structures through ongoing dialogue with industry leaders.