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After the Great ComplacenceFinancial Crisis and the Politics of Reform$
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Ewald Engelen, Ismail Ertürk, Julie Froud, Sukhdev Johal, Adam Leaver, Mick Moran, Adriana Nilsson, and Karel Williams

Print publication date: 2011

Print ISBN-13: 9780199589081

Published to Oxford Scholarship Online: January 2012

DOI: 10.1093/acprof:oso/9780199589081.001.0001

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Prelude: Regulation Undermined Before 2007

Prelude: Regulation Undermined Before 2007

Chapter:
(p.132) Chapter 5 Prelude: Regulation Undermined Before 2007
Source:
After the Great Complacence
Author(s):

Ewald Engelen

Ismail Ertürk

Julie Froud

Sukhdev Johal

Adam Leaver

Michael Moran

Adriana Nilsson

Karel Williams

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199589081.003.0006

In this chapter we focus first on national political and financial elites whose mystifying stories about the nature and contribution of finance were mutually reinforcing, though also open to challenge. Through the chapter we develop the argument that the regulatory failure to control financial innovation was rooted in two kinds of mystification originating in the modus operandi of political and financial elites: constitutional mystification about regulation, and a mystifying narrative about the social value of finance. The chapter starts from the general conditions that weakened traditional regulation in both the United Kingdom and the United States, before turning to consider first the UK case in detail (including analysis of the limited social contribution of finance), followed by the failure of supra national regulation.

Keywords:   financial elites, political elites, mystification, regulatory failure, social contribution of finance, narratives

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