Chapter

Global Crisis:

Leo F. Goodstadt

in Reluctant Regulators

Published by Hong Kong University Press

Published in print April 2011 | ISBN: 9789888083251
Published online September 2011 | e-ISBN: 9789882207349 | DOI: http://dx.doi.org/10.5790/hongkong/9789888083251.003.0002
Global Crisis:

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The 2007 financial crisis was initiated by a shock that “was by global financial standards rather modest,” particularly through American and British policy decisions, and was succeeded by a period of robustness. The effects of the crisis were most strongly felt by the US and the UK as their respective banking systems experienced its initial effects. Also, they accounted for 59 percent of the “admitted” write-offs that were estimated at US$1.1 trillion. In this chapter, the regulatory performance defects are shown not to have resulted from defective legislation or erroneous policies. Attention is drawn to the Anglo-American regulatory culture that advocated non-interventionism and how it relies on the wisdom of financial markets. The establishment of the “free market” consensus enabled pre-2007 regulators to persist even after the recession.

Keywords: global financial standards; non-interventionism; free market consensus; Anglo-American regulatory culture

Chapter.  6314 words. 

Subjects: Business and Management

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