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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 SASE ANNUAL MEETINGS Madrid, 27 June 2011. 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 capitalism in crisis? Sue Konzelmann, Marc Fovargue-Davies & Gerhard Schnyder SASE ANNUAL MEETINGS Madrid, 27 June 2011

  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. Contemporary economic liberalism The return to economic liberalism ‘Varieties of economic liberalism Neo-classical liberalism: Britain & America Pragmatic liberalism, akin to ‘Ordoliberalism’: Canada & Australia Variety stems from interpretation of theory and translation into policy Private sector and the state; financial sector and the broader economy

  4. The return to liberal capitalism The return to economic liberalism in the Anglo-Saxon world during the 1970s 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’ ‘Reaganomics’ and ‘Thatcherism’ Shift in balance in favour of the private sector – finance in particular – relative to the state Pragmatic liberalisation in Canada and Australia Liberalization accompanied by ‘market friendly’ regulation

  5. Early effects & responses to crises Australia’s ‘corporate cowboys’ The American Savings & Loan crisis Canadian and British bank, insurance trust & investment house failures Looking into the abyss …

  6. Financial market liberalization Financial Market liberalisation & regulation US & UK: ‘May day’ 1975 & ‘Big Bang’ 1986 Canada & Australia: incremental & prudential Britain & America: ‘light touch’ regulation & return of global finance Framework of regulation: UK integrated & US diffuse Canada & Australia: Incremental liberalization & re-regulation National branch banking system Framework of regulation evolves into ‘twin peaks’

  7. The structuring role of theory and policy, tempered by context Getting it right & getting it wrong? ‘Ordoliberalism’ Varieties of liberalism & the crisis of contemporary capitalism Conclusions

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