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Disembedded : regulation, crisis, and democracy in the age of finance
- Author / Creator
- Available as
- Online
- Summary
-
Basak Kus draws from the theories of Karl Polanyi - one of the greatest and most influential political economists of the twentieth century - to examine how neoliberal principles influenced the evol...
Basak Kus draws from the theories of Karl Polanyi - one of the greatest and most influential political economists of the twentieth century - to examine how neoliberal principles influenced the evolution of American regulatory policies, shaping the financial sector's operations and practices. Offering historical insights into the financial crisis spanning 2007-2010 and its ensuing influence on American politics and democracy, 'Disembedded' provides a broad-ranging and systemic explanation of the American political economy, especially the regulatory landscape that shaped the patterns of financialization.
Details
- Creator
- Basak Kus
- Format
- Books
- Language
- English
- Publication
-
- New York, NY : Oxford University Press, [2024]
- ©2024
- Physical Details
-
- 1 online resource
- data file
- ISBNs
- 9780197764909, 0197764908, 9780197764886, 0197764886, 9780197764862, 9780197764862
- OCLC
- on1424658715
- Includes bibliographical references and index.
- Cover -- Disembedded -- Copyright -- Dedication -- Contents -- Preface -- Acknowledgments -- Note on Sources -- 1. Polanyi on Wall Street -- Ten Years, Two Presidents -- Reading Polanyi in the Aftermath of the Financial Crisis -- The Crisis of the Early Twentieth Century and the Postwar Expansion of the Protective State -- Late Twentieth-Century Economic Transformations and Political Shifts -- The Financial Turn in the Economy -- The Neoliberal Turn in Government -- Disembedded Financialization: American Economy and the Deficit in Risk Protection
- American Government and the Great Recession -- Outline of the Book -- 2. A New Creed on Regulation -- The Rise of the Economic Theories of Regulation in the 1970s and 1980s -- Regulatory Capture -- Regulation as a Source of Rent-Seeking -- Limitations of Bureaucracy as a Technique of Government -- Regulatory Perspectives in the 1990s -- Conclusion -- 3. The Political Ascent of the New Creed -- Substantive Regulation Comes Under Scrutiny: Ford and Carter Administrations -- From a Pragmatic Critique to a Systematic Rejection: Reagan Administration
- Reinventing the Government as a Private Entity: Clinton Administration -- Conclusion -- 4. From Politics to Policy: Regulation and Finance -- Deregulation and Finance -- Regulatory Drift and Finance -- Micro-Orientations in Risk Regulation -- Information Provision as Risk Regulation -- Caveat Emptor: Risk Regulation by Disclosure -- Rating Agencies -- Financial Literacy -- Conclusion -- 5. Disembeddedness in Financial Times -- The Regulatory Underpinnings of Disembedded Finance -- The Limitations of a Micro-Oriented Approach -- The Limitations of an Information-Based Approach
- The Fragmented Regulatory Structure of US Finance -- Disembeddedness as Deficit in Risk Protection -- Deficit in Systemic Risk Protection -- Deficit in Consumer Financial Protection -- Deficit in Social Protection in the Time of Financialization -- Conclusion -- 6. The Crisis -- Relief and Recovery: Technocratic Realism, Cautious Keynesianism -- Relief -- Recovery -- Regulatory Reform -- Dodd-Frank -- Conclusion -- 7. In Search of Protection: From Disembeddedness to Populist Persuasions -- Takeaways -- A New Regulatory Creed -- The Political Reception of the New Creed
- The Translation of the New Creed into Policy -- American Financialization: The Regulatory Dimension -- Disembeddedness and "Risk Society" in Financial Times -- The Crisis and the Limitations of Reform -- From Regulation of Finance to the Crisis of Democracy -- Notes -- Index