Not so global afterall? Varieties of liberalism & the 2008 financial crisis Sue Konzelmann, Director LCCGE International Research Network on VoL Birkbeck.

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Presentation transcript:

Not so global afterall? Varieties of liberalism & the 2008 financial crisis Sue Konzelmann, Director LCCGE International Research Network on VoL Birkbeck Business Week London, 29 June 2011

International Research Network on Varieties of Liberalism London Centre for Corporate Governance & Ethics (Birkbeck) Centre for Analysis of Risk & Regulation (LSE) Centre for Regulation & Governance (Uni. College Dublin) Centre for Banking & Finance (University of North Carolina) College of Law & College of Business (University of Illinois) Critical Laboratory in Law & Society (York University, Canada) Centre for Law, Markets & Regulation (University of New South Wales, Australia) College of Business (Massey University, New Zealand)

Market capitalization & Cost of bank bail-outs Change ($bn) Bank bail-out package as a % GDP (March 2009) Canada % Australia % UK % USA % Source: Financial Times, 23 March 2009, p values are as of 31 May 1999; 2009 values are as of 17 March 2009; Stewart 2009.

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

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

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

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 –London Euromarket –Framework of regulation: UK integrated & US diffuse Canada & Australia: Incremental liberalization & re- regulation –National branch banking system –Framework of regulation evolves into twin peaks

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

International Research Network on Varieties of Liberalism London Centre for Corporate Governance & Ethics (Birkbeck) Centre for Analysis of Risk & Regulation (LSE) Centre for Regulation & Governance (Uni. College Dublin) Centre for Banking & Finance (University of North Carolina) College of Law & College of Business (University of Illinois) Critical Laboratory in Law & Society (York University, Canada) Centre for Law, Markets & Regulation (University of New South Wales, Australia) College of Business (Massey University, New Zealand)