The Banking Crises and Housing Finance: The Political Economy of Financial Deregulation*

This paper explains current problems in the housing and banking industries by reviewing the history of the post-New Deal U. S. banking system as it relates to housing finance. Current problems in banking and housing are seen as the result of the interaction of long waves of growth and decline in the U.S. economy and structured conflict over financial regulation between large commercial banks and a shifting alliance of other social groups. Contemporary problems of affordability, price volatility, and credit “crunches” flow from increasing financial fragility and economic stagnation. Policies to democratize finance and create new financial institutions are considered.     

THE IMPACT OF RACIALLY INCLUSIVE SCHOOLING ON ADULT INCARCERATION RATES AMONG U.S. COHORTS OF AFRICAN AMERICANS AND WHITES SINCE 1930*

Despite the substantial body of research on the psychological and social effects of racial segregation in schools on African Americans, few studies have considered the possibility that more racially inclusive schools might reduce the risk of extremely negative adult life experiences such as incarceration. Yet such a connection is made plausible by research linking black racial isolation in schools to variables that are often associated with incarceration rates, including concentrated poverty, and low educational and occupational aspirations and attainment. In this paper, we apply methods first developed by labor economists to assess the impact of racial inclusiveness in schools on individual incarceration rates for 5‐year cohorts of African Americans and whites born since 1930. We find strong support for the conclusion that blacks educated in states where a higher proportion of their classmates were white experienced significantly lower incarceration rates as adults. Moreover, our analysis suggests that the effects of racial inclusiveness on black incarceration rates have grown stronger over time. These longitudinal effects are consistent with the argument that the educational climate of predominantly black schools has deteriorated in more recent decades.     

PREDICTING RISKS OF LARCENY THEFT VICTIMIZATION: A ROUTINE ACTIVITY ANALYSIS USING REFINED LIFESTYLE MEASURES

Routine activity theory has long been plagued by a heavy reliance on proxy measures of lifestyles, which typically include demographic variables that are regularly used as measures of lifestyle and behavior. This reliance on indirect measures forces researchers to suppose how and why these indicators are related to victimization risks. Using detailed measurements of activities and specific structural aspects of communities is clearly more desirable and beneficial when seeking to explain variances in victimization risks. This research advances theoretical understandings of victimization risks through an analysis of specific social activities, aspects of neighborhoods, and contribution of each to the risks of larceny victimization for college students. We find that greater specificity in measuring lifestyles is warranted, for it is not just leaving one's home and going out in public that increases one's risk for victimization (a typical finding of routine activity theory scholars), but where one goes and what one does that are the important larceny victimization predictors.