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The Past and Future of American Finance: American Experimentalism without American Exceptionalism
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Tamara Lothian
Published/Copyright:
December 27, 2010
This piece introduces the distinction between financial regulatory reform and institutional reconstruction and argues that efforts in the US and other countries to reform the regulation of finance can and should serve as a first step towards institutional reconstruction. The financial crisis has revealed a series of problems that cannot be solved by mere regulation. They require innovations designed to reorganize the relation of finance to the real economy. To this end, we need a practice of legal and economic analysis attentive to institutional realities and possibilities. This piece exemplifies such a practice in the setting of US financial reform.
Keywords: financial crisis; financial regulation and reform; institutions; institutional change; globalization; development; rule of law; structural reform
Published Online: 2010-12-27
©2011 Walter de Gruyter GmbH & Co. KG, Berlin/Boston
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Keywords for this article
financial crisis;
financial regulation and reform;
institutions;
institutional change;
globalization;
development;
rule of law;
structural reform
Articles in the same Issue
- Research Foundation
- Do Poorer Countries Have Less Capacity for Redistribution?
- Contagion, Liberalization, and the Optimal Structure of Globalization
- Binding Constraints and Second-Best Strategies in Endogenous Growth Models with Public Finance
- Policy Analysis
- Recent Russian Debate on Moving from VAT to Sales Taxes and Its Global Implications
- Aid, Growth, and Development: Have We Come Full Circle?
- Compensation for Indirect Expropriation in International Investment Agreements: Implications of National Treatment and Rights to Invest
- The Past and Future of American Finance: American Experimentalism without American Exceptionalism
- Puzzle
- Borrowing to Save
- Symposium
- Introduction: Is the Era of the Dollar Over?
- Towards A New Global Reserve System
- Does the SDR Have a Future?
- The New Politics of Global Reserve Reform
- An SDR Based Reserve System
- Building an SDR-Based Global Reserve System
- The Future of the Reserve System
- Is the Era of the Dollar Over?
