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Die transnationale Ordnung globalisierter Finanzmärkte: Was lehrt uns die Krise?

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  • Mayntz, Renate
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    Abstract

    In diesem Papier geht es nicht um die voraussichtliche künftige Ordnung der globalen Finanzmärkte nach der Krise, sondern um die Frage, warum der Reformprozess zeitlich, sachlich und sozial hinter dem zurückbleibt, was 2009 von Wissenschaft, Politik und Öffentlichkeit einhellig für notwendig gehalten wurde. Eine Antwort auf diese Frage verlangt eine prozessorientierte Perspektive, in deren Zentrum die interaktive Interdependenz zwischen Regulierern und Regulierten, der Beschaffenheit der Regelungsstruktur und der Beschaffenheit des Regelungsfeldes steht. Prozesse, an denen Marktakteure und politische Akteure beteiligt sind, lassen sich theoretisch nicht erklären, wenn man das Augenmerk entweder auf die Wirtschaft oder auf die Politik lenkt. Der von der Finanzmarktkrise ausgelöste Prozess institutionellen Wandels verlangt vielmehr einen Brückenschlag zwischen bislang getrennten Forschungslinien der Wirtschaftssoziologie und der politischen Theorie. -- This paper does not attempt to guess at the likely future order of transnational financial markets, but seeks an answer to the question of why the reform process triggered by the financial crisis lags far behind what politicians, scientists and the public unanimously held to be imperative in 2009. This question can only be answered by tracing the process over time, in an analytical framework focused at the interactive interdependence between regulators and the potentially regulated, between the properties of the given regulatory structure and the properties of the policy field concerned. Processes in which both market actors and political actors are involved cannot be explained by looking only at markets or at politics. The process of institutional change triggered by the financial crisis requires the joint effort of previously separate lines of research in economic sociology and political theory.

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    Paper provided by Max Planck Institute for the Study of Societies in its series MPIfG Working Paper with number 10/8.

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    Date of creation: 2010
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    Handle: RePEc:zbw:mpifgw:108

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    1. 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.
    2. Mommsen, Hans, 2009. "Changing Historical Perspectives on the Nazi Dictatorship," European Review, Cambridge University Press, vol. 17(01), pages 73-80, February.
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