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Normal science and paradigmatic shifts: political and regulatory strategies to develop investor protection in the aftermath of crisis
Author(s) -
O’Brien Justin
Publication year - 2012
Publication title -
accounting and finance
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.645
H-Index - 49
eISSN - 1467-629X
pISSN - 0810-5391
DOI - 10.1111/j.1467-629x.2012.00483.x
Subject(s) - mistake , ideology , financial crisis , politics , agency (philosophy) , regulatory reform , political economy , political capital , political science , capital (architecture) , law and economics , economics , sociology , law , social science , history , archaeology , macroeconomics
The scale of the Global Financial Crisis prompted initial systematic reflection by leading politicians from Anglo‐Saxon countries. One commonality linked the analyses put forward by Gordon Brown (UK), Barack Obama (USA) and Kevin Rudd (Australia): the crisis had roots in ethical failure. The interlinked failure of structure and agency necessitated fundamental change in the theory and practice of the regulation of capital markets. The international regulatory reform agenda has, however, focused on the technical requirements of the former and largely ignored the latter. The paper argues that this is not only a mistake. It reflects the ongoing strength of the financial services industry to determine the ideational, ideological and institutional battleground.