Perelman on A Bankruptcy History of the United States @yalesom

Mark Perelman, Yale School of Management, has published A Bankruptcy History of the United States. Here is the abstract.

Financial crises destroy value and radicalize the political sphere. Are these events random, idiosyncratic, or driven by some force? The ex-post answers — be they monetary, criminal, or international contagion — have a profound impact on the role of government in society, but have questionable predictive power. In the United States, only the Federal government can impair contracts across States through the bankruptcy process. The history of bankruptcy law is intertwined with that of crises and banking law, and, as we argue, is a consistent cause, accelerant, and reaction of financial crises.

Download the article from SSRN at the link.