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Anglo-Saxon Capitalism in Crisis? Models of Liberal Capitalism and the Preconditions for Financial Stability

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  • Konzelmann, S.
  • Fovargue-Davies, M.
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    Abstract

    The return to economic liberalism in the Anglo-Saxon world was motivated by the apparent failure of Keynesian economic management to control the stagflation of the 1970s and early 1980s. In this context, the theories of economic liberalism, championed by Friederich von Hayek, Milton Friedman and the Chicago School economists, provided an alternative. However, the divergent experience of the US, UK, Canada and Australia reveals two distinct 'varieties' of economic liberalism: the 'neo-classical' incarnation, which describes American and British liberal capitalism, and the more 'balanced' economic liberalism that evolved in Canada and Australia. In large part, these were a product of the way that liberal economic theory was understood and translated into policy, which in turn shaped the evolving relationship between the state and the private sector and the relative position of the financial sector within the broader economic system. Together, these determined the nature and extent of financial market regulation and the system's relative stability during the 2008 crisis.

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    File URL: http://www.cbr.cam.ac.uk/pdf/WP422.pdf
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    Bibliographic Info

    Paper provided by ESRC Centre for Business Research in its series ESRC Centre for Business Research - Working Papers with number wp422.

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    Date of creation: Jun 2011
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    Handle: RePEc:cbr:cbrwps:wp422

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    Web page: http://www.cbr.cam.ac.uk/

    Related research

    Keywords: Corporate governance; Regulation; Financial market instability; liberal capitalism; Varieties of capitalism;

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    1. Amable, Bruno, 2003. "The Diversity of Modern Capitalism," OUP Catalogue, Oxford University Press, number 9780199261147, September.
    2. Whitley, Richard, 2000. "Divergent Capitalisms: The Social Structuring and Change of Business Systems," OUP Catalogue, Oxford University Press, number 9780199240425, September.
    3. Quiggin, John, 1998. "Social Democracy and Market Reform in Australia and New Zealand," Oxford Review of Economic Policy, Oxford University Press, vol. 14(1), pages 76-95, Spring.
    4. Steve Keen, 2009. "Household Debt: The Final Stage in an Artificially Extended Ponzi Bubble," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 42(3), pages 347-357.
    5. Donald Brean & Lawrence Kryzanowski & Gordon Roberts, 2011. "Canada and the United States: Different roots, different routes to financial sector regulation," Business History, Taylor & Francis Journals, vol. 53(2), pages 249-269.
    6. Carmen M. Reinhart & Kenneth S. Rogoff, 2009. "This Time Is Different: Eight Centuries of Financial Folly," Economics Books, Princeton University Press, edition 1, volume 1, number 8973.
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