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Not so global afterall? Varieties of liberalism & the 2008 financial crisis

Not so global afterall? Varieties of liberalism & the 2008 financial crisis. Sue Konzelmann, Director LCCGE International Research Network on VoL Birkbeck Business Week London, 29 June 2011. International Research Network on Varieties of Liberalism.

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Not so global afterall? Varieties of liberalism & the 2008 financial crisis

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  1. Not so global afterall?Varieties of liberalism & the 2008 financial crisis Sue Konzelmann, Director LCCGE International Research Network on VoL Birkbeck Business Week London, 29 June 2011

  2. International Research Network on Varieties of Liberalism • London Centre for Corporate Governance & Ethics (Birkbeck) • Centre for Analysis of Risk & Regulation (LSE) • Centre for Regulation & Governance (Uni. College Dublin) • Centre for Banking & Finance (University of North Carolina) • College of Law & College of Business (University of Illinois) • Critical Laboratory in Law & Society (York University, Canada) • Centre for Law, Markets & Regulation (University of New South Wales, Australia) • College of Business (Massey University, New Zealand)

  3. Market capitalization & Cost of bank bail-outs Source: Financial Times, 23 March 2009, p.9. 1999 values are as of 31 May 1999; 2009 values are as of 17 March 2009; Stewart 2009.

  4. Contemporary economic liberalism The return to economic liberalism ‘Varieties of economic liberalism Neo-classical liberalism: Britain & America Pragmatic liberalism, akin to ‘Ordoliberalism’: Canada & Australia Variety stems from interpretation of theory and translation into policy Private sector and the state; financial sector and the broader economy

  5. The return to liberal capitalism The return to economic liberalism in the Anglo-Saxon world during the 1970s US discontinues gold backing of the American dollar, leading to the collapse of Bretton Woods; UK introduces policy of ‘Competition & Credit Control’ and makes a ‘Dash for Growth’ ‘Reaganomics’ and ‘Thatcherism’ Shift in balance in favour of the private sector – finance in particular – relative to the state Pragmatic liberalisation in Canada and Australia Liberalization accompanied by ‘market friendly’ regulation

  6. Early effects & responses to crises Australia’s ‘corporate cowboys’ The American Savings & Loan crisis Canadian and British bank, insurance trust & investment house failures Looking into the abyss …

  7. Financial market liberalization Financial Market liberalisation & regulation US & UK: ‘May day’ 1975 & ‘Big Bang’ 1986 Canada & Australia: incremental & prudential Britain & America: ‘light touch’ regulation & return of global finance London Euromarket Framework of regulation: UK integrated & US diffuse Canada & Australia: Incremental liberalization & re-regulation National branch banking system Framework of regulation evolves into ‘twin peaks’

  8. The structuring role of theory and policy, tempered by context Getting it right & getting it wrong? ‘Ordoliberalism’ Varieties of liberalism & the crisis of contemporary capitalism Conclusions

  9. International Research Network on Varieties of Liberalism • London Centre for Corporate Governance & Ethics (Birkbeck) • Centre for Analysis of Risk & Regulation (LSE) • Centre for Regulation & Governance (Uni. College Dublin) • Centre for Banking & Finance (University of North Carolina) • College of Law & College of Business (University of Illinois) • Critical Laboratory in Law & Society (York University, Canada) • Centre for Law, Markets & Regulation (University of New South Wales, Australia) • College of Business (Massey University, New Zealand)

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