Despite recent corporate scandals, the United States is among the
world's least corrupt nations. But in the nineteenth century, the degree
of fraud and corruption in America approached that of today's most
corrupt developing nations, as municipal governments and robber barons
alike found new ways to steal from taxpayers and swindle investors. In
Corruption and Reform, contributors explore this shadowy period of
United States history in search of better methods to fight corruption
worldwide today.
Contributors to this volume address the measurement and consequences of
fraud and corruption and the forces that ultimately led to their decline
within the United States. They show that various approaches to reducing
corruption have met with success, such as deregulation, particularly
"free banking," in the 1830s. In the 1930s, corruption was kept in check
when new federal bureaucracies replaced local administrations in doling
out relief. Another deterrent to corruption was the independent press,
which kept a watchful eye over government and business. These and other
facets of American history analyzed in this volume make it indispensable
as background for anyone interested in corruption today.