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From Financial Crisis to Global Recovery$
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Padma Desai

Print publication date: 2011

Print ISBN-13: 9780231157865

Published to Columbia Scholarship Online: November 2015

DOI: 10.7312/columbia/9780231157865.001.0001

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The Future of American Capitalism

The Future of American Capitalism

(p.214) 9 The Future of American Capitalism
From Financial Crisis to Global Recovery

Padma Desai

Columbia University Press

This chapter describes the persistence of American capitalism by recalling the analyses of renowned economists Adam Smith and John Maynard Keynes. American capitalism is recognized as a unique private enterprise system that is distinguished by its remarkable entrepreneurial drive, innovative ingenuity, risk taking, as well as complex financial and technological underpinning. Within this system, government spending is indispensable, but prudence ensures stability and growth of the market system. The chapter also seeks to address three issues. The first deals with the effectiveness of new regulatory policies implemented by the financial sector; the second is about the compromises made by the U.S. legislators, aiming at the effective enforcement of these regulations; and the third issue is whether or not the responses of U.S. banks to new regulations indicate their readiness for regulatory overhaul.

Keywords:   American capitalism, Adam Smith, John Maynard Keynes, U.S. legislators, U.S. banks, regulatory overhaul

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