IN THIS ISSUE
▶ By Mark J . Higgins
▶ By Joe Martin and Phyllis Scully
▶ By Peter Earle
▶ By Jane Flaherty
▶ By Mathew P . Fink
▶ By Holly Beretto
▶ By Eric Brothers
IN THIS ISSUE
FEATURES
The magazine of the Museum of American Finance
in association with the Smithsonian Institution
Issue 151 • Fall 2024 ( ISSN 1520-4723 )
Kristin Aguilera Editor
EDITORIAL ADVISORY BOARD
Howard A . Baker , Esq . Howard Baker Associates Lawrence A . Cunningham University of Delaware Peter C . Earle American Institute for Economic Research Brian Grinder Eastern Washington University Mark Higgins Index Fund Advisors ( IFA ) Institutional Gregory DL Morris Freelance Journalist Susie Pak St . John ’ s University Arthur W . Samansky The Samansky Group Myles Thompson Columbia Business School Publishing Janice Traflet Bucknell University Robert E . Wright Central Michigan University Jason Zweig The Wall Street Journal
10 A 45-Year Flood
A brief history of alternative asset classes .
▶ By Mark J . Higgins
16 Moral Hazard
An historical comparison between the United States and Canada .
▶ By Joe Martin and Phyllis Scully
20 The Bears Seize Control
Revisiting the devastating bear market of 1973 – 1974 on its 50th anniversary .
▶ By Peter Earle
24 Pride in Prosperity
The enduring legacy of Justin Smith Morrill .
▶ By Jane Flaherty
ART DIRECTION Alan Barnett Design
MUSEUM STAFF David J . Cowen , President / CEO Kristin Aguilera , Deputy Director Robert Dinkelmann , IT / Technology Maura Ferguson , Director of Exhibits Sarah Poole , Collections Manager
Linda Rapacki , Managing Director of Visitor Services and Operations
Mindy Ross , Director , External Relations Ben Urizar , Assistant Director of Visitor Services
Copyright © 2024 by the Museum of American Finance , publisher . All rights reserved .
Financial History is the official membership magazine of the Museum of American Finance .
28 100 Years of Mutual Funds
Mutual funds capitalize on opportunities created by tax and banking laws .
▶ By Mathew P . Fink
32 Racing to Prosperity
How a mid-century road race was an economic engine for one Wisconsin town .
▶ By Holly Beretto
38 Return of the Silver Dollar
Free Silver and the Bland-Allison Act .
▶ By Eric Brothers
2 FINANCIAL HISTORY | Fall 2024 | www . MoAF . org