Chapter

State and Banking Regulation in Comparative Perspective

Andreas Busch

in Banking Regulation and Globalization

Published in print December 2008 | ISBN: 9780199218813
Published online January 2009 | e-ISBN: 9780191711763 | DOI: http://dx.doi.org/10.1093/acprof:oso/9780199218813.003.0007
State and Banking Regulation in Comparative Perspective

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This chapter compares the structures and outputs of the four policy networks discussed in the preceding chapters, arguing that country-specific contingencies lead to different outcomes in the face of similar challenges during the period of investigation. In the United States, a pluralist system of associations in combination with a fragmented regulatory and legislative system leads to policy failure and blockade; in the United Kingdom, market concentration and a concentrated regulatory and legislative system create high state capacity despite a pluralist system of associations. In Germany, a concerted associational system is weakened by market fragmentation, but combined with concentrated regulation creates policy success; in Switzerland, a segmented but concentrated market combines with comprehensive concentration to create flexible adaptation with minimal resource requirements. Compared with these factors, standard political institutions (parliamentarism versus presidentialism; party system; unitary versus federalism) show little influence on their own, but a mediated one depending on context. Different ‘varieties of capitalism’ show an influence through their differences in associational systems, but overall do not have much explanatory value, as the substantial differences between the two ‘Anglo-Saxon’ cases of the United States and United Kingdom demonstrate.

Keywords: United States; United Kingdom; Germany; Switzerland; banking system; banking regulation; banking industry; capitalism

Chapter.  5477 words. 

Subjects: International Relations

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