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Fairness through regulation? Reflections on a cosmopolitan approach to global finance

Author

Listed:
  • Marta Božina Beroš

    (Juraj Dobrila University of Pula)

  • Marin Beroš

    (University of Zagreb)

Abstract

In the aftermath of the last financial crisis a strong message prevails that ‘something’ has to be changed in the manner global finance is governed. What exactly this ‘something’ entails and what could constitute the ‘common ground’ of anticipated change is more difficult to determine. Many envisage future improvements of global financial governance by evoking deliberative democracy, political equality and cosmopolitanism. As financial regulation is the main instrument through which global finance is shaped and governed nowadays, these principles should then be transmitted to regulatory arrangements. This paper focuses on a new conceptual approach to regulatory and governance issues in global finance, by employing the philosophical idea of cosmopolitanism. It argues that although as a concept, cosmopolitanism cannot mitigate all the flaws attributed to contemporary finance, its development and extension to international financial regulation that is promulgated by institutions of the global financial system, would represent a worthwhile endeavour in making global finance more accountable and just in the eyes of many.

Suggested Citation

  • Marta Božina Beroš & Marin Beroš, 2013. "Fairness through regulation? Reflections on a cosmopolitan approach to global finance," The Journal of Philosophical Economics, Bucharest Academy of Economic Studies, The Journal of Philosophical Economics, vol. 7(1), November.
    • Handle: RePEc:bus:jphile:v:7:y:2013:i:1:n:2
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    References listed on IDEAS

    as
    1. Arner,Douglas W., 2007. "Financial Stability, Economic Growth, and the Role of Law," Cambridge Books, Cambridge University Press, number 9780521870474.
    2. Ross Levine, 2012. "The Governance of Financial Regulation: Reform Lessons from the Recent Crisis," International Review of Finance, International Review of Finance Ltd., vol. 12(1), pages 39-56, March.
    3. Barth, James R. & Caprio, Gerard Jr. & Levine, Ross, 2012. "Guardians of Finance: Making Regulators Work for Us," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262017393, December.
    4. Arner,Douglas W., 2007. "Financial Stability, Economic Growth, and the Role of Law," Cambridge Books, Cambridge University Press, number 9780521690560.
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    Cited by:

    1. Kayis-Kumar, Ann, 2018. "Implementing corporate tax cuts at the expense of neutrality? A legal and optimisation analysis of fundamental reform in practice," MPRA Paper 89703, University Library of Munich, Germany.

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    More about this item

    Keywords

    global financial system; financial governance; cosmopolitanism; financial regulation;
    All these keywords.

    JEL classification:

    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation

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