The state tamed speculation through credit and insurance, not regulation.

Evidence

After the Great Depression, the state resumed greater political control over the terms of speculation. It did so not by stricter regulation (the securities markets were further deregulated in this period), but by taking up the role of both mammoth creditor (Quinn 2019) and social insurer (and thus correspondingly a mammoth debtor too). The New Deal and the 1935 Social Security Act offered many Americans baseline economic security (including, crucially, deposit insurance)—just as it muted more radical civil-rights movements and continued to exclude millions of Black people from pension schemes and other social policy initiatives. — Aris Komporozos-Athanasiou, Speculative Communities, 134

Categorization

• XREF: The reader’s own sacrificial/infrastructure interests resonate: state credit/social insurance as infrastructure that enrolled populations while excluding others.