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After the Great Complacence
Financial Crisis and the Politics of Reform
What is the relationship between the financial system and politics?
The authors argue that the causes of the financial crisis lay in the bricolage and innovation in financial markets, resulting in long chains and circuits of transactions and instruments that enabled bankers to earn fees, but which did not sufficiently take into account system risk, uncertainty, and unintended consequences.
In a democratic system, what kind of control should elected governments have over the financial markets?
In the wake of the crisis, the authors argue that social scientists, governments, and citizens need to re-engage with the political dimensions of financial markets.
What policies should be implemented to regulate them?
The text suggests the importance of understanding the disorders of financial capitalism and implementing regulations that address the technical, cultural, and political aspects of finance.
What is the role played by different elites - financial, technocratic, and political - in the operation and regulation of the financial system?
The authors combine technical understanding of finance, cultural analysis, and a political account of interests and institutions, indicating that these elites influence the operation and regulation of the financial system through their respective roles and interests.
And what role should citizens, investors, and savers play?
Citizens, investors, and savers are called to re-engage with the political dimensions of financial markets, implying a role in oversight, regulation, and shaping financial practices.
