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Beggar Thy Neighbour - Essay Example

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The essay "Beggar Thy Neighbour" analyzes what led to the development of the American Bankruptcy Law. The financial panics that happened before 1800 immediately after American independence led the government to institute laws that protected lenders from going to debt prison…
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Beggar Thy Neighbour
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Beggar Thy Neighbour

Download file to see previous pages... After the American independence, several merchants made themselves incredibly wealthy from securities trading. People such as William Duer were able to make a lot of money from the stock market and their influence, fame, and resumes grew exponentially. Similarly, Robert Morris made himself exceptionally wealthy by trading securities on leverage from loans. Like Duer, his influence sparked many people to venture into the securities and commodities market. At the time, there were no laws governing securities trading and thus market panics were inevitable. By this point, the government had already understood that its role was to regulate this trade. In the absence of government regulations, the public was unprotected from the possibilities of fraud and loss of their money, which prompted the government to bring out new laws. Lenders were increasingly giving money to speculators and this led to the need for the government to control bank lending as well. Through regulating lending and investment, it is evident that government control was protecting the public. However, by governing the interest rates, the government and merchants did not come to agreeable terms, as most of the initial policies were ineffective. Some changes were implemented and this has continued to date making our financial system the current jargon it is today. Q 2: What led to the development of the American Bankruptcy Law?Many influential people participated towards the improvement of the financial industry. ...Download file to see next pagesRead More
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