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Bank Liberalisation and Privatisation

In: Privatisation against the European Social Model

Author

Listed:
  • Marica Frangakis
  • Jörg Huffschmid
  • Joze Mencinger

    (University of Pennsylvania)

Abstract

Banks used to be the financial backbone for the development of modern capitalism and they continue to be one of the major economic pillars for every society based on large-scale division of labour and the use of money as accounting unit, means of payments, credit and store of value. Banks are the basis of the universal payment system and serve as infrastructure and medium for social interaction and cohesion; they provide credit which is at the centre of capitalist expansion. Instability of the banking system can lead to financial crises which impair the functioning of the whole economy. Therefore the stability of the banking sector is a public good. Lastly, the control over the banking system gives power to influence the direction of economic and social development. All this explains the relatively large role of public ownership and regulation in the banking sector throughout the world in the years preceding the wave of liberalisation and privatisation after 1980.

Suggested Citation

  • Marica Frangakis & Jörg Huffschmid & Joze Mencinger, 2009. "Bank Liberalisation and Privatisation," Palgrave Macmillan Books, in: Marica Frangakis & Christoph Hermann & Jörg Huffschmid & Károly Lóránt (ed.), Privatisation against the European Social Model, chapter 12, pages 187-207, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-25068-0_12
    DOI: 10.1057/9780230250680_12
    as

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