Capital, Technology, and Labor in the New Global Economy

By James H. Cassing; Steven L. Husted | Go to book overview

Commentaries

Steven L. Husted

Dr. Burns's paper is an attempt to discuss the recent history of the American banking industry, especially as that history relates to the increase in competition American banks have begun to face from domestic and foreign competitors. The focus of the paper and perhaps its greatest strength is on the interplay between the government and the financial sector as the regulatory structure has evolved over the past thirty years. Many important messages are contained in the paper, but two seem especially worthy of note at the outset. First, the American banking system has gone through enormous changes over the past thirty years in the way it does business. These changes have come about in part because of changes in demand from customers and in part from changes in the competitive and regulatory environments. Furthermore, these changes are all the more important because they are irreversible. The second major point of the paper is that because of these changes in the activities of banks, bank regulation is much more difficult than ever and no less necessary.

Let me turn to some specific comments. First, the paper is remarkably short of data. [Before his death Dr. Burns instructed his AEI research associate, Dr. Arthur L. Broida, to compile data to support the paper. The resultant eighteen tables and five figures have been appended to Dr. Burns's paper.--EDITORS] I think the argument could be made much stronger by some indication concerning trends in bank performance. For instance, what has happened to deposits and to the composition of assets? What has happened to profitability? What is the volume of external versus internal activity? What about bank failures? In fact, I have the answer to this last question. From an early peak of about eighty in 1937, failures of FDIC-insured banks fell to a plateau of less than ten per year until the mid-1970s, when the failure rate began to rise slightly. Since 1981 bank failures have risen from about 10 to 120 per year. Does this pattern support Professor Burns's thesis that deregulation has increased the risk of systemic collapse? Or

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Capital, Technology, and Labor in the New Global Economy
Table of contents

Table of contents

  • Title Page iii
  • Contents v
  • Acknowledgments xi
  • Foreword xiii
  • Introduction xvii
  • Part One The Ongoing Revolution in American Banking 1
  • The Ongoing Revolution in American Banking 3
  • Appendix 51
  • Steven L. Husted 91
  • James H. Cassing 93
  • Burns's Reply to Comments by Husted 97
  • Part Two Technological Change and Its International Diffusion 101
  • The Relationship of Science to Technology 103
  • Notes 113
  • Nam Pyo Suh 114
  • William E. Souder 117
  • William E. Souder 119
  • Branscomb's Response to Discussants 120
  • Part Three Changes in International Marketing Techniques 125
  • On the Trend to Globalization 127
  • Conclusion 134
  • C. Whan Park 136
  • Toni Carbo Bearman 138
  • Kobayashi's Response to Park 142
  • Part Four Global Interdependence and International Migration 147
  • Global Interdependence and International Migration 149
  • Notes 179
  • John T. Dunlop 184
  • Notes 187
  • Joseph Eaton 187
  • Note 191
  • Discussion 192
  • Index 197
  • A Note on the Book 207
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