Prophets of Regulation: Charles Francis Adams; Louis D. Brandeis; James M. Landis; Alfred E. Kahn

by Thomas K. McCraw

“There is properly no history, only biography,” Emerson remarked, and in this ingenious book Thomas McCraw unfolds the history of four powerful men: Charles Francis Adams, Louis D. Brandeis, James M. Landis, and Alfred E. Kahn. The absorbing stories he tells make this a book that will appeal across a wide spectrum of academic disciplines and to all readers interested in history, biography, and Americana.

Genres: History, Economics, Nonfiction, Business, Politics, American History, Biography

416 pages, Paperback

First published October 15, 1986

About the author

Thomas Kincaid McCraw was an American business historian and Isidor Straus Professor of Business History, Emeritus at Harvard Business School.

Reviews

[Jim Talbott · Rating 5 out of 5]

This is a fantastic non-doctrinaire introduction to the history of US regulatory bodies. I found it tremendously useful in framing my own thoughts about our current and upcoming regulatory and deregulatory projects. Additionally, the book has a wonderful sense of the intersection of politics, policy, and popular opinion. I'm a bit torn given that I would have loved a book that was 50% to 100% longer, but all of the books referenced seemed well beyond my level of interest. Seems like a great place for a popular historian to step in... Maybe Ron Chernov can tear himself way from the founding fathers for a couple of years and churn one out.

[Ronald J. · Rating 4 out of 5]

A very wonkish book on the history of regulation in America, starting with Railroads and going through Fred Kahn at the Civil Aeronautics Board's dismantling. I enjoyed it because it's fair and balanced and looks at the positive and negative effects of regulation. It's inside baseball, but if you enjoy economics, it's a worthwhile read.

[John · Rating 4 out of 5]

Really good history of american administrative law. but it is about theories/perspectives of regulation through time, which doesn't float everyone's boats. i also thought the brandeis hatred was a bit much

[Jason Adams · Rating 4 out of 5]

McCraw does good work here making the dry topic of industry regulation interesting. He does so by focusing on four individuals of different times and regulatory bodies and telling a narrative of their rise (and sometimes fall) as a commission chair. Stitching together each narrative is a short aside that relates each story to his underlying thesis. This works primarily because McCraw avoids the trap of promulgating an overall thesis of regulation. In fact, he is very free with his critique of Brandeis and Adams in light of subsequent events. Instead, he develops a view that regulation is best which fits the industry and the times. When Landis dealt with deflationary pressures during the depression, his approach worked for the SEC. However, by the time the stagflation of the 70s came about, a whole new set of practices had to be developed for the CAB. By adopting no doctrine other than fit, the essential thesis resonates to the present day.

[Joyce · Rating 4 out of 5]

I read only the Charles Francis Adams part of this book, and I confess, even that I read quickly. My review: on the not-scintillating topic of the history of regulation, this is a good work, at times an engaging work. The author is committed to his subject, enjoys it and did a nice job researching and presenting it.

[Phil (Theophilus) · Rating 5 out of 5]

The book chronicles tidy snapshots of the lives and careers of 4 different men whose influence in corporate regulation remains unrivaled. I particularly enjoyed the chapter on Brandeis. It is terribly unfortunate to contemporary American society that a man like Justice Louis Brandeis is not still alive and a sitting judge with the Supremes. Brandeis's intellect and legacy puts the 9 slugs currently sitting on the bench to shame.

[Jules Butler · Rating 3 out of 5]

Essential reading for an understanding of the Untied States' regulatory structure and history..

[Blair Milo · Rating 3 out of 5]

Still not exactly beach reading, but for a book on the history of regulation, having insight into the personalities involved def made it more enjoyable/less painful.