Party realignments and the growth of federal economic regulation, 1861–1986

This article explains when and why the federal government passed laws with the intended goal of maintaining or improving a particular industry or segment of an industry. The adoption of regulatory laws across time will be described, and the surges and declines in the distribution explained. The empirical analysis covers the years 1861–1986.This article is an abbreviated version of a paper prepared for the 1988 Conference Perspectives on Banking Regulation, Federal Reserve Bank of Cleveland, November 3–4, 1988. I am very indebted to George J. Benston who allowed me to revise the paper in response to his criticisms.