The Consequences of the Global Financial Crisis: The Rhetoric of Reform and Regulation

This is an open access title available under the terms of a CC BY-NC-ND 3.0 International licence. It is free to read at Oxford Scholarship Online and offered as a free PDF download from OUP and selected open access locations. The Global Financial Crisis is the most serious economic crisis since the Great Depression, and although many have explored its causes, relatively few have focused on its consequences. Unlike earlier crises, no new paradigm seems yet to have come forward to challenge existing ways of thinking and neo-liberalism has emerged relatively unscathed. This crisis, characterized by a remarkable policy stability, has lacked a coherent and innovative intellectual response. This book, however, systematically explores the consequences of the crisis, focusing primarily on its impact on policy and politics. It asks how governments responded to the challenges that the crisis has posed, and the policy and political impact of the combination of both the Global Financial Crisis itself and these responses. It brings together leading academics to consider the divergent ways in which particular countries have responded to the crisis, including the US, the UK, China, Europe, and Scandinavia. The book also assesses attempts to develop global economic governance and to reform financial regulation, and looks critically at the role of credit rating agencies. Contributors to this volume - Shaun Breslin, Director of the Centre for the Study of Globalisation and Regionalisation, the University of Warwick, and Associate Fellow of the Chatham House Asia Programme. Ben Clift, Senior Lecturer in Political Economy, the University of Warwick. Kevin P. Gallagher, Associate Professor of International Relations, Boston University. Wyn Grant, Professor of Politics, the University of Warwick and vice-president for Europe and Africa, the International Political Science Association. Richard Higgott, Vice-Chancellor, Murdoch University. Cathie Jo Martin, Professor of Political Science, Boston University. Glenn Morgan, Professor of International Management, Cardiff Business School, Cardiff University. Timothy J. Sinclair, Associate Professor of International Economy, the University of Warwick. Vivien Schmidt, Jean Monnet Chair of European Integration, Professor of International Relations and Political Science, Founding Director of the Center for the Study of Europe, and Director of the Center for International Relations, Boston University. Graham Wilson, Professor and Chair, Department of Political Science, Boston University.