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Governance, regulation and financial market instability: the implications for policy

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  • Sue Konzelmann
  • Frank Wilkinson
  • Marc Fovargue-Davies
  • Duncan Sankey

Abstract

Just as the 1929 Stock Market Crash discredited Classical economic theory and policy and opened the way for Keynesianism, a consequence of the collapse of confidence in financial markets and the banking system--and the effect that this has had on the global macro economy--is currently discrediting the 'conventional wisdom' of neo-liberalism. This paper argues that at the heart of the crisis is a breakdown in governance that has its roots in the co-evolution of political and economic developments and of economic theory and policy since the 1929 Stock Market Crash and the Great Depression that followed. However, while many are looking back to the Great Depression and to the theories and policies that seemed to contribute to recovery during the first part of the twentieth century, we argue that the current context is different from the earlier one; and there are more recent events that may provide better insight into the causes and contributing factors giving rise to the present crisis and to the implications for theory and policy that follow. Copyright The Author 2010. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved., Oxford University Press.

Suggested Citation

  • Sue Konzelmann & Frank Wilkinson & Marc Fovargue-Davies & Duncan Sankey, 2010. "Governance, regulation and financial market instability: the implications for policy," Cambridge Journal of Economics, Oxford University Press, vol. 34(5), pages 929-954.
  • Handle: RePEc:oup:cambje:v:34:y:2010:i:5:p:929-954
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    File URL: http://hdl.handle.net/10.1093/cje/bep086
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    Cited by:

    1. Sue Konzelmann & Marc Fovargue-Davies, 2013. "'Picking Winners' in a Liberal Market Economy: Modern Day Heresy - or Essential Strategy for Competitive Success?," Working Papers wp441, Centre for Business Research, University of Cambridge.

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