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Varieties of Liberalism: Anglo-Saxon Capitalism in Crisis?

Varieties of Liberalism: Anglo-Saxon Capitalism in Crisis?. Sue Konzelmann, Marc Fovargue-Davies, Gerhard Schnyder & John Wright LCCGE Seminar Friday, 22 October 2010. Market capitalization & Cost of bank bail-outs.

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Varieties of Liberalism: Anglo-Saxon Capitalism in Crisis?

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  1. Varieties of Liberalism:Anglo-Saxon Capitalismin Crisis? Sue Konzelmann, Marc Fovargue-Davies, Gerhard Schnyder & John Wright LCCGE Seminar Friday, 22 October 2010

  2. Market capitalization & Cost of bank bail-outs Source: Financial Times, 23 March 2009, p.9. 1999 values are as of 31 May 1999; 2009 values are as of 17 March 2009; Stewart 2009.

  3. Overview (1) Varieties of Economic Liberalism & the State Neo-classical liberalism Ordoliberalism Contemporary Economic Liberalization in the Anglo-Saxon World Influenced by political & economic climate of 1970s & 80s 1971: US discontinues gold backing of the American dollar, leading to the collapse of Bretton Woods; UK introduces policy of ‘Competition & Credit Control’ and makes a ‘Dash for Growth’

  4. Overview (2) Deregulation & Financial Market Supervision The regulator & the regulated US & UK: Balancing the requirements of a global financial centre with those of a stable marketplace Canada & Australia: Regulating financial institutions Early Effects and Responses to Crises during the 1980s & 1990s Australia’s ‘corporate cowboys’ The American Savings & Loan crisis Canadian & British bank, insurance trust & investment house failures Looking into the abyss …

  5. The Structuring Role of Theory & Policy, Tempered by Context Getting it Right & Getting it Wrong? Philosophy of Liberalization & Relationships Relations between financial institutions & the state Balance of power (in Canada & Australia)? ‘Banks are bastards … bigger banks are bigger bastards’ ‘We are the regulator; our job is to tell you what to’ Conclusions (1)

  6. ‘Smart Regulation’ Recognition of a ‘community of shared fate’? The Regulator & the Regulated National Context The Direction of Reform No such thing as a ‘perfect’ regulatory system Aim of legislation: to avoid future crises & achieve a dynamic balance between markets & the state Understanding the true nature of economic liberalism … Conclusions (2)

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