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Crises and Paradigm Shift: A Response to Critics
Author(s) -
Mackintosh Stuart P. M.
Publication year - 2015
Publication title -
the political quarterly
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.373
H-Index - 37
eISSN - 1467-923X
pISSN - 0032-3179
DOI - 10.1111/1467-923x.12131
Subject(s) - technocracy , paradigm shift , elite , pace , financial crisis , narrative , element (criminal law) , regime shift , political science , political economy , economics , financial system , keynesian economics , law , epistemology , politics , philosophy , linguistics , geodesy , geography , ecology , ecosystem , biology
International financial and regulatory reform continues in 2014, building upon the burst of crisis‐induced institutional and regulatory reforms begun in 2008. In particular, the Financial Stability Board is an element and an agent of reform and this paradigm shift. The leap taken was and remains a predominantly technocratic central banking macroprudential narrative and process, controlled by this elite epistemic community. As the new regulatory normal evolves in 2014, it now does so at a slower pace, as the crisis appears to abate. Today elements of paradigm defence, maintenance and resilience are seen.