In this chapter for the forthcoming Oxford Handbook of State Capitalism (OUP, 2020), we outline what we call 'The American Plan' of state capitalism, developed by Treasury Secretary Alexander Hamilton in the early years of the American republic, and trace its defining elements through two...

A remarkable yet seldom noted set of parallels exists between modern U.S. bank regulation, on the one hand, and what used to be garden-variety American corporate law, on the other hand. For example, just as bank charters are matters not of right but of conditional privilege even today, so were...

Some prices and indices in national or transnational markets take on particular market-wide importance, either because (a) they are associated with ubiquitous inputs to production, (b) they are associated with highly popular asset classes, (c) they tend by convention to be used as benchmarks in...

The nation's recent financial crisis brought into sharp relief fundamental questions concerning the social function and purpose of the financial system, including its relation to the "real" economy. This Article argues that, to answer these questions, we must recapture a distinctively American...

Many people recognize that governments can play salutary roles in relation to markets by (a) “overseeing” market behavior from “above,” or (b) supplying foundational “rules of the game” from “below.” It is probably no accident that these widely recognized roles also sit...

Much American electoral and policy debate now centers on how best to reignite the nation's economic dynamism and rebuild its competitive strength. Any such undertaking presents an extraordinary challenge, demanding a correspondingly extraordinary institutional response. This Article proposes...