Re-regulating the financial system: the return of the state or societal corporatism?

Budd, Leslie (2012). Re-regulating the financial system: the return of the state or societal corporatism? Contemporary Social Science: Journal of the Academy of Social Sciences, 7(1) pp. 1–19.




The aftermath of the global credit crunch and financial crisis which began in late 2007 has led to a focus on the reform of the financial system and a rebalancing in the affected economies. Financial crises are endemic to capitalist societies and although there tends to be a common cause to them all, timing, place, and scale and scope may differ. There is a charge that the social sciences, and economists in particular, were either ill-equipped or unable to anticipate and fully examine the most recent crisis and to propose forms of enquiry in order to understand better its causes and consequences (Collander et al. 2009. The financial crisis and the systemic failure of academic economics, Working Paper No. 1489. Kiel, Kiel Institute for the World Economy (IFW)). Consequently, there is a perceived need and call for new or revived research agendas to address this relative paucity of knowledge. This paper attempts to respond to this need and call by re- introducing concepts drawn from political economy and political science in order to assess the challenge of reform and recovery of the financial system. It does so in the context of an analysis of the causes of the crisis. The paper also examines the degree to which variants of the concept of corporatism may be used to understand how institutional and policy-building blocks of a reformed and restructured financial system should develop.

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