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The Global Financial Crisis: Learning from Regulatory and Governance Studies
Author(s) -
ARUP CHRISTOPHER
Publication year - 2010
Publication title -
law and policy
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.534
H-Index - 45
eISSN - 1467-9930
pISSN - 0265-8240
DOI - 10.1111/j.1467-9930.2010.00322.x
Subject(s) - corporate governance , financial crisis , capitalism , social responsibility , democracy , financial regulation , power (physics) , corporate social responsibility , state (computer science) , control (management) , global governance , economics , financial market , business , economic system , financial system , finance , political economy , market economy , accounting , political science , law , politics , management , macroeconomics , physics , algorithm , quantum mechanics , computer science
Regulatory and governance studies help locate power and responsibility in the global financial crisis. I argue that corporate and state power worked together in centers like New York and London to shape regulation and that power was spread around the world. In the response to the crisis, responsibility for regulation will remain largely systems‐based rather than centrally directed. However, those systems should be located in the culture of the elites, which are socially and spatially based, as much as in the economics of the markets or the cognition of the firms. And that responsibility has limits, so there should be greater democratic control of finance and less dependence on finance capitalism for essential services, social security, and environment protection.