Table of Contents

List of Illustrations ix Acknowledgments xi Part I: Duplicity and the Evolution of American Capitalism Chapter One: The Enduring Dilemmas of Antifraud Regulation 3 Chapter Two: The Shape-Shifting, Never-Changing World of Fraud 14 Part II: A Nineteenth-Century World of Caveat Emptor(1810s to 1880s) Chapter Three: The Porousness of the Law 43 Chapter Four: Channels of Exposure 75 Part III: Professionalization, Moralism, and the Elite Assault on Deception (1860s to 1930s) Chapter Five: The Beginnings of a Modern Administrative State 107 Chapter Six: Innovation, Moral Economy, and the Postmaster General's Peace 143 Chapter Seven: The Businessmen's War to End All Fraud 174 Chapter Eight: Quandaries of Procedural Justice 208 Part IV: The Call for Investor and Consumer Protection (1930s to 1970s) Chapter Nine: Moving toward Caveat Venditor 245 Chapter Ten: Consumerism and the Reorientation of Antifraud Policy 285 Chapter Eleven: The Promise and Limits of the Antifraud State 316 Part V: The Market Strikes Back (1970s to 2010s) Chapter Twelve: Neoliberalism and the Rediscovery of Business Fraud 353 List of Abbreviations 385 Notes 387 Index 471

About the Author

Edward J. Balleisen is associate professor of history and public policy and vice provost for Interdisciplinary Studies at Duke University. He is the author of Navigating Failure: Bankruptcy and Commercial Society in Antebellum America. He lives in Durham, North Carolina.

Reviews

"Balleisen's lucid, engagingly written mix of institutional and legal history, behavioral economics, and entertaining anecdotes illuminates this land of bilk and money."--Publishers Weekly "Balleisen casts a gimlet eye on the passing parade of hucksters and charlatans, peppering a narrative long on theory with juicy asides that build toward a comprehensive catalog of 'Old Swindles in New Jargon'... Ranging among the disciplines of history, economics, and psychology, Balleisen constructs a sturdy narrative of the many ways in which we have fallen prey to the swindler, and continue to do so, as well as of how American society and its institutions have tried to build protections against the con. But these protections eventually run up against accusations of violating 'longstanding principles of due process,' since the bigger the con, the more lawyers arrayed behind it."--Kirkus "Meticulously researched and completely fascinating."--Melissa Jacoby, Credit Slips "An ambitious exploration of two centuries' worth of swindles, bogus stock schemes and corporate crime. [Balleisen's] keen insights and the breadth of his knowledge keep the reader engaged, and he introduces plenty of shady characters and ingenious fraudulent schemes to boot."--Dean Jobb, Chicago Review of Books "Balleisen ... provides a lively and informative account of chicanery in the United States in the past 200 years."--Glenn C. Altschuler, Tulsa World "Fraud: An American History from Barnum to Madoff lives up to its title as a chronicle of American con men and their brilliant, morally bankrupt schemes throughout history... Researched with scholarly detail, yet thoroughly accessible to readers of all backgrounds, Fraud: An American History from Barnum to Madoff is as engrossing as it is educational! Highly recommended."--Midwest Book Review "Superb... In chronicling a century-long tradition from caveat emptor to caveat venditor the author delivers not only an enjoyable romp through the history of fraud, with a fascinating case of characters ... but delivers some fundamental lessons about social identity, reputation capital and trust. Utterly absorbing."--Dave Birch, Financial World "This is a story with many volumes still to come."--Enlightened Economist "The confidence scam, of course, is as old as American capitalism. In a new book, Fraud: An American History from Barnum to Madoff, the Duke University professor Edward J. Balleisen argues that fraud has been a central feature of our freewheeling economy from the start, making it hard to tell scams from legitimate businesses and hard to tell aggressive sales tactics from outright deception--especially in innovative industries."--Carina Chocano, New York Times Magazine