Capital, Technology, and Labor in the New Global Economy

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

Discussion

Burns's Reply to Comments by Husted

Professor Burns began his reply by addressing the question of regulatory reform. He reiterated the problem posed in his paper: because of the rapid pace of financial innovation as well as the internationalization of banking activities, regulation of the banking community has become increasingly difficult. Despite his growing concern over this issue, Burns had no recommendations that he could offer with any confidence. As an example of a solution he felt would not work, he recounted how, during his years at the Federal Reserve, he had opposed congressional efforts to create a single federal regulatory agency because of the harmful effects that such an agency might have had on the functioning of the Federal Reserve System. He had been especially concerned that if the regulatory authority were taken away from the Federal Reserve, those responsible for monetary policy "would learn little and know less and less about the actual working of our financial system."

Burns then addressed a criticism raised by Professor Husted that the arguments in the paper could be sharpened by offering data to support his claims. Burns agreed that his paper was short on data and promised to supply a statistical appendix. [A data appendix has since been added to the paper.--EDITORS]

Burns then discussed the evolving role of banking in the national payments system. He raised the possibility of a new financial system with two types of national institutions. One would be confined to the payments system, with bank deposits backed by Treasury securities. The other would be engaged in lending functions. One of the advantages of such an arrangement, Burns felt, would be that it would facilitate an overhaul of the deposit insurance system, a system "in need of drastic revision." Burns pointed out that insuring deposits up to $100,000 was excessive if the goal was to protect small households. In fact, in administering the insurance system, the effective level of protection was substantially higher. This, Burns argued, served only

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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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