POLISCI 359 Lecture 4: IPE Week of 10-26 Readings
1 Feb 2016
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Keywords: clubs, crisis, financial reform, policy communities. Policy-makers and policy experts on financial regulation have been busy over the past few years managing the crisis and implementing reforms. These reforms include the behavior of financial institutions, the national, regional, and global institutional infrastructure, and more broadly, the structure of the financial system. The cozy relationship between regulators and the regulated seems to have changed. Resist stuart mackintosh"s claim that the policy changes that have occurred represent a paradigm shift. Few answers have been offered that have fundamentally challenged the privileged position of the financial sector. Unwritten contract between finance and the state (which saw large bail-outs) has been tweaked but not scrapped. Institutional constraints, vested interests and power politics all contribute to slow down change, water down reform commitments and lengthen implementation. Reform plans of 2008, 2009 were based on recommendations and proposals of a small number of expert groups drawn from narrow pool of specialists.
