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Parties, Preferences, and Policy-Making: Financial Institutions in the Antebellum United States
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“Parties, Preferences, and Policy-Making:
Financial Institutions in the Antebellum United States”
Rose Razaghian
Department of Political Science
Yale University
New Haven, CT 06520
rose.## email not listed ##
Abstract
Legislators can under some circumstances produce substantial policy shifts, while at other times policy change is impossible and gridlock prevails. Although numerous studies have investigated the general conditions under which policy-making is more likely, here I focus on one policy in order to identify the key mechanisms that underpin policy change, the development of financial institutions during the antebellum period, specifically the first bank, second bank, and Independent Treasury. I argue that as long as the franchise was restricted and political parties had not yet fully developed, policy change was difficult as winning coalitions had to be built from scratch. As a result, financial institutions once established tended to continue even when a majority of legislators opposed the policy. Once the franchise expanded and parties began building brand names, gridlock no longer hampered legislative productivity and financial policies reflected the preferences of the dominant party.
Prepared for the annual American Political Science Association meeting, August 31 – September 4, 2005, in Washington, DC.
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| | Authors: Razaghian, Rose. |
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“Parties, Preferences, and Policy-Making:
Financial Institutions in the Antebellum United States”
Rose Razaghian
Department of Political Science
Yale University
New Haven, CT 06520
Abstract
Legislators can under some circumstances produce substantial policy shifts,
while at other times policy change is impossible and gridlock prevails.
Although numerous studies have investigated the general conditions under
which policy-making is more likely, here I focus on one policy in order to
identify the key mechanisms that underpin policy change, the development of
financial institutions during the antebellum period, specifically the first bank,
second bank, and Independent Treasury. I argue that as long as the franchise
was restricted and political parties had not yet fully developed, policy change
was difficult as winning coalitions had to be built from scratch. As a result,
financial institutions once established tended to continue even when a
majority of legislators opposed the policy. Once the franchise expanded and
parties began building brand names, gridlock no longer hampered legislative
productivity and financial policies reflected the preferences of the dominant
party.
Prepared for the annual American Political Science Association meeting,
August 31 – September 4, 2005, in Washington, DC.
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