By Pablo Iglesias-Rodriguez, Anna Triandafyllidou, Ruby Gropas
This overseas assortment reviews how the monetary main issue of 2007 and the consequent fiscal and political crises in Europe and North the USA have prompted a strategy of switch within the box of economics, legislation and politics. individuals to this publication argue that either elites and electorate have needed to reconsider the character of the marketplace, the function of the kingdom as a marketplace regulator and as a supplier of welfare, the function of political events in representing society’s major political and social cleavages, the function of civil society in voicing the worries of voters, and the function of the citizen because the final resource of strength in a democracy but in addition as a essentially powerless topic in an international economy.
The e-book reports the actors, the parts and the tactics that experience carried ahead the swap and proposes the inspiration of ‘incomplete paradigm shift’ to examine this modification. Its authors discover the a number of dimensions of paradigm shifts and their differentiated evolution, arguing that this present day we witness an incomplete paradigm shift of monetary laws, financial types and welfare structures, yet a stillbirth of a brand new political and financial paradigm.
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Additional resources for After the Financial Crisis: Shifting Legal, Economic and Political Paradigms
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2 Composition of the stakeholder groups (mid-2015) Financial industrya Academicsb Consumersc Usersd Employee representatives SMEs BSG IRSG OPSG SMSG 10 5 5 4 2 2 10 5 6 6 2 1 10 5 5 4 5 1 10 8 4 5 2 1 a Namely, credit and investment institutions (Banking Stakeholder Group), insurance and reinsurance undertakings and insurance intermediaries (Insurance and Reinsurance Stakeholder Group), institutions for occupational retirement provision (Occupational Pensions Stakeholder Group) and financial market participants (Securities and Markets Stakeholder Group)—article 37 ESAs Regulations; b Independent top-ranking academics—article 37 ESAs Regulations; c Consumers of banking services (Banking Stakeholder Group), consumers of insurance and reinsurance services (Insurance and Reinsurance Stakeholder Group), representatives of beneficiaries (Occupational Pensions Stakeholder Group) and consumers of financial services (Securities and Markets Stakeholder Group)—article 37 ESAs Regulations; d Users of banking services (Banking Stakeholder Group), users of insurance and reinsurance services and representatives of relevant professional associations (Insurance and Reinsurance Stakeholder Group), representatives of relevant professional associations (Occupational Pensions Stakeholder Group) and users of financial services (Securities and Markets Stakeholder Group)—article 37 ESAs Regulations members present, if a quorum of two-thirds of members is reached— (article 7 Rules of Procedure of the IRSG (European Insurance and Occupational Pensions Authority 2014a) and article 7 Rules of Procedure of the OPSG (European Insurance and Occupational Pensions Authority 2014b)).
In the academic arena, whereas some scholars, such as Malkiel (2011), still defend the validity of the Efficient Market Hypothesis, mainstream economic thinking acknowledges its weaknesses and the dangers of economic policies based on it (Shiller 2003; Fox 2009; Krugman 2009; Volcker 2011). At the policy level, the post-crisis financial ser- 2 Paradigm Shift in Financial-Sector Policymaking Models ... 25 vices regulatory overhaul clearly evidences a shift from self-regulation to greater public intervention in the policing and regulation of the financial system, markets and institutions.