In Securities Regulation Reassessed, Paul Mahoney shows that policy responses to financial crises are broadly similar across place and time: political actors, hoping to avoid blame for a financial crisis, create a narrative of market failure, arguing that misbehavior by securities market participants, rather than prior policy errors, is the primary cause of the crisis. Politically obliged regulators craft reforms that purport to solve problems which are either non-existent or only tangentially related to the crisis; yet they increase the complexity and expense of compliance, resulting in consolidation and concentration of market share in the hands of already leading financial firms. Securities Regulation Reassessed illustrates these points primarily but not exclusively with evidence from the New Deal-era securities reforms in the United States. Against the conventional wisdom that regards the New Deal reforms as successful, Mahoney provides substantial countervailing evidence, showing instead that Congress’s diagnoses were systematically inaccurate and its remedies reduced competition in the securities industry. Looking farther into history, the work treats several key episodes prior to the New Deal, including the English financial crises of 1697 and 1720 and the "blue sky” era of the 1910s and 1920s in the United States. Finally, Mahoney considers the Sarbanes-Oxley Act of 2002 and the Dodd-Frank Act of 2010 from the same analytical perspective. Mahoney finds a predictable pattern for efforts at securities reform: they require huge effort to enact, and yield little objectively measurable payoff and some objectively measurable harm.

On the South Side to tour the Union Stock Yard, people got a firsthand look at Chicago's industrial prowess as they witnessed cattle, hogs, and sheep disassembled with breathtaking efficiency. At their height, the kill floors employed 50,000 workers and processed six hundred animals an hour, an astonishing spectacle of industrialized death. Pacyga chronicles the rise and fall of an industrial district that, for better or worse, served as the public face of Chicago for decades. He takes readers through the packinghouses as only an insider can, covering the rough and toxic life inside the plants and their lasting effects on the world outside. He shows how the yards shaped the surrounding neighborhoods; looks at the Yard's sometimes volatile role in the city's race and labor relations; and traces its decades of mechanized innovations.