BIROn - Birkbeck Institutional Research Online

    Anglo-Saxon capitalism in crisis? models of liberal capitalism and the preconditions for financial stability

    Konzelmann, Suzanne J. and Fovargue-Davies, M. (2011) Anglo-Saxon capitalism in crisis? models of liberal capitalism and the preconditions for financial stability. Working Paper. Centre for Business Research, Cambridge, UK.

    [img]
    Preview
    Text
    CBR_422.pdf - Published Version

    Download (186kB) | Preview

    Abstract

    The return to economic liberalism in the Anglo-Saxon world was motivated by the apparent failure of Keynesian economic management to control the stagflation of the 1970s and early 1980s. In this context, the theories of economic liberalism, championed by Friederich von Hayek, Milton Friedman and the Chicago School economists, provided an alternative. However, the divergent experience of the US, UK, Canada and Australia reveals two distinct ‘varieties’ of economic liberalism: the ‘neo-classical’ incarnation, which describes American and British liberal capitalism, and the more ‘balanced’ economic liberalism that evolved in Canada and Australia. In large part, these were a product of the way that liberal economic theory was understood and translated into policy, which in turn shaped the evolving relationship between the state and the private sector and the relative position of the financial sector within the broader economic system. Together, these determined the nature and extent of financial market regulation and the system’s relative stability during the 2008 crisis.

    Metadata

    Item Type: Monograph (Working Paper)
    Keyword(s) / Subject(s): corporate governance, regulation, financial market instability, liberal capitalism, Varieties of capitalism
    School: Birkbeck Schools and Departments > School of Business, Economics & Informatics > Management
    Research Centre: Corporate Governance and Ethics, London Centre for
    Depositing User: Suzanne Konzelmann
    Date Deposited: 18 Jan 2013 14:27
    Last Modified: 09 Dec 2016 11:07
    URI: http://eprints.bbk.ac.uk/id/eprint/5866

    Statistics

    Downloads
    Activity Overview
    195Downloads
    120Hits

    Additional statistics are available via IRStats2.

    Archive Staff Only (login required)

    Edit/View Item Edit/View Item