The Pre-1980 Roots of Neoliberal Financial Deregulation

U.S. financial deregulation is often popularly presented as a fundamental attack on financial regulation that began with neoliberalism's Big Bang in 1980. This paper argues this position is wrong in two ways. First, it is a process that stretches back decades before 1980. Textbook mentions of 1970s precursor "financial innovations" fall far short of presenting the breadth and duration of the pre-1980 attack on the system of regulation. Second, it has not been an across-the-board attack on financial regulation in the name of market efficiency as required by its ideology and claimed by its advocates, but rather a focused attack on only one of the five pillars of the system of regulation. This paper develops both of these assertions through a presentation of the five central pillars of the pre-1980 system of financial regulation, and the four major attacks on the three different aspects of the restrictions on financial competition.

Effects of apomorphine on mating behavior, flank marking and aggression in male hamsters

In male rats, the dopamine agonist apomorphine (APO) generally facilitates copulatory behavior. However, disruptive effects of high APO doses have been reported. These have been interpreted in diverse ways, as products of a dopaminergic system that inhibits sexual behavior or as consequences of APO's stimulation of competing responses. To test the generality of these effects, we observed APO's impact on copulatory behavior in male hamsters. Several effects were observed, all attributable to a relatively high dose and involving the disruption of male behavior. More unexpectedly, APO treatment caused males to attack estrous stimulus females in the course of these tests. To clarify these effects, we observed the effects of APO on flank marking, a type of scent marking closely allied to aggression and dominance in hamsters. Treatment reliably decreased the latency of marking. It also increased the rate of marking when appropriate measures were taken to prevent this effect from being obscured by drug-induced cheek pouching. Together, these results confirm and extend APO's well-known ability to increase aggression. Further, they suggest that APO-induced aggression can intrude into other contexts so as to disrupt, or possibly facilitate, other forms of social behavior.