Reform? Hubristic Intervention or Effective Democracy

Ewald Engelen, Ismail Ertürk, Julie Froud, Sukhdev Johal, Adam Leaver, Michael Moran, Adriana Nilsson and Karel Williams

in After the Great Complacence

Published in print September 2011 | ISBN: 9780199589081
Published online January 2012 | e-ISBN: 9780191731150 | DOI:
Reform? Hubristic Intervention or Effective Democracy

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In this concluding chapter, we do not produce lists of changes required to fix the financial system, but instead reflect on the preceding analysis to find some bearings that could lead towards a much more political analysis of, and intervention against, finance. The introduction to this book reframes the crisis as an elite political debacle rather than some kind of socio-technical accident. The front half of the book describes the aggrandisement of finance under cover of a dubious alibi about financial innovation, while the back half analyses the collapse of public regulation before the crisis and the frustration of financial reform after the crisis across several different jurisdictions. In this conclusion, we draw the political corollary by envisaging a reassertion of democratic control through a combination of measures that both make finance simpler and, through cultural and political changes, change the relation between political and financial elites.

Keywords: financial reform; democratic control; elite debacle; Tobin tax; leverage; technocrats; Dodd Frank; Basel III; bankers’ pay

Chapter.  13947 words.  Illustrated.

Subjects: Financial Institutions and Services

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