The 2008 financial crisis rippled across the globe and triggered a worldwide recession. Unlike the American banking system which experienced massive losses, takeovers, and taxpayer funded bailouts, Canada's banking system withstood the crisis relatively well and maintained its liquidity and profitability. The divergence in the two banking systems can be traced to their distinct institutional and political histories. From Wall Street to Bay Street is the first book for a lay audience to tackle the similarities and differences between the financial systems of Canada and the United States. Christopher Kobrak and Joe Martin reveal the different paths each system has taken since the early nineteenth-century, despite the fact that they both originate from the British system. The authors trace the roots of each country's financial systems back to Alexander Hamilton and insightfully argue that while Canada has preserved a Hamiltonian financial tradition, the United States has favoured the populist Jacksonian tradition since the 1830s. The sporadic and inconsistent fashion in which the American system have changed over time is at odds with the evolutionary path taken by the Canadian system.
From Wall Street to Bay Street offers a timely and accessible comparison of financial systems that reflects the political and cultural milieus of two of the world's top ten economies.
Joseph E. Martin is the Director of the Canadian Business and Financial History Initiative at the Rotman School of Management as well as President Emeritus of Canada's History Society. Christopher Kobrak is the Wilson/Currie Chair of Canadian Business and Financial History at the Rotman School of Management as well as a professor emeritus of finance at ESCP, Paris.
Preface Chapter 1: Foreign and Domestic Beginnings: From Colonies to the Civil War Chapter 2: Transitional Decade: The Rebirth and Birth of Nations Chapter 3: The Maturing: 1869-1914 Chapter 4: "The Great Disorder" and Growing Social Demands: 1914-1945 Chapter 5: The Short Pax Americana: 1945-2000 Chapter 6: Conclusions: Continuities and Discontinuities in North American Finance leading to 2008