Peter Conti-Brown

Peter Conti-Brown is a PhD candidate at Princeton University and a non-resident Academic Fellow at Stanford Law School and Stanford’s Rock Center for Corporate Governance.

Does a Sophisticated Theory Miss the Facts?

Michael Greve introduces “adversarial corporatism,” a new conceptual lens through which to view the growing and contentious collaboration of industry and government. Adversarial corporatism takes the conventional story of crony capitalism and regulatory capture—a story appealing to critics on the left and the right alike—and adds a dose of a starker reality: the cooperation is there, unquestionably, but so is a mutual antagonism that exists side-by-side and sometimes symbiotically with that cooperation. If Greve’s oxymoron confuses a reader coming at this literature for the first time, it clarifies a dynamic that administrative law scholars have been watching for many years.…

Read More

More Responses

The New Cronyism of the Old Rent-Seeking State

Michael Greve’s essay vividly describes some deeply troubling trends in the relationship between the government and the economy. It provides a much needed perspective at a time when politics and policy-making are nothing if not adversarial, and more casual observers succumb to the temptation simply to choose sides without asking how we came to this…

Read More

Adversarial Corporatism: Additional Thoughts

I am deeply grateful to Brian Mannix and to Peter Conti-Brown for their thoughtful, indeed profound comments on my “adversarial corporatism” post. I am equally grateful to Richard Reinsch and the Liberty Forum for hosting this exchange. To paraphrase the Boss, we learn more from three minutes on this blog than we ever learned in…

Read More

Is the Federal Reserve Constitutional?

The Federal Reserve Board of 1917

Since the ten intense months of debates that preceded the passage of the Federal Reserve Act of 1913, has there been a better time to consider the structural design of the Federal Reserve System and its various components? We sit ready to commemorate the Fed’s centennial, which provides a worthwhile (if somewhat arbitrary) moment of reflection. In the coming months, President Obama will make just the second nomination of a new Fed Chair in the last thirty-five years. And the Fed’s own extraordinary market interventions during 2007-2010 and its innovations in monetary policy from 2008 to the present have opened…

Read More

Responses

Issuing an Existential Challenge to the Federal Reserve

Peter Conti-Brown has developed a cogent analysis of the constitutionality of the present-day Federal Reserve System’s ongoing operations.[1] His discussion of constitutional principles applied to the Fed’s contemporary monetary policy is both enlightening and logical. I learned from it, and I agree with his conclusions. I wish to pursue in this comment the second constitutional issue…

Read More

Why is the Federal Reserve Viewed as the Fourth Branch?

Peter Conti-Brown’s essay provides an excellent overview of the constitutional objections to the Federal Reserve and to the structure of the Federal Open Market Committee (FOMC). I want to approach the questions that he addresses from a slightly different angle, by asking why politicians and courts treat the Federal Reserve as if it were constitutionally…

Read More