BIROn - Birkbeck Institutional Research Online

    Australia: economic liberalization and financialization - an introduction

    Konzelmann, Suzanne J. and Fovargue-Davies, M. (2012) Australia: economic liberalization and financialization - an introduction. In: Konzelmann, Suzanne J. and Fovargue-Davies, M. (eds.) Banking Systems in the Crisis: The Faces of Liberal Capitalism. Abingdon, UK: Routledge, pp. 186-192. ISBN 9780415517898.

    [img] Text
    14440.pdf - Author's Accepted Manuscript
    Restricted to Repository staff only

    Download (308kB) | Request a copy

    Abstract

    Book synopsis: The 2008 financial crisis has severely shaken confidence in liberal economic theory and policy. However, the sharply divergent experiences of the six Anglo-Saxon ‘liberal market economies’ (LMEs) suggest that the reality is not so simple. This book traces the evolution of liberal capitalism, from its rebirth amidst the challenges of the 1970s to its role in the genesis of the 2008 crisis – and debates the assumptions underpinning the liberal capitalist paradigm. Close examination reveals variety within liberal capitalism. Not only was there the familiar, "hands off" libertarian approach adopted by the US, UK and Ireland, but more bounded, better regulated and apparently more stable varieties of economic liberalism also emerged, through the more pragmatic approach taken by Canada, Australia and New Zealand. The evidence is compelling. Whereas the American, British and Irish financial systems were severely damaged by the crisis, those of Canada, Australia and New Zealand proved more robust. This volume explores the degree to which these divergent experiences were a result of better and more intensive supervision, differences in business or political culture, broader commitment to social norms, and the pace of liberalisation. Detailed comparative case studies reveal fundamental differences in the economic and political environments in which economic liberalisation took place, in approaches to finance and in the degree to which it was seen to be an engine for growth. The book concludes that this had a major influence on the evolving economic and financial systems, and consequently, their relative resilience when confronted with the challenges of the 2008 crisis.

    Metadata

    Item Type: Book Section
    School: Birkbeck Schools and Departments > School of Business, Economics & Informatics > Management
    Research Centre: Corporate Governance and Ethics, London Centre for
    Depositing User: Sue Konzelmann
    Date Deposited: 23 Feb 2016 11:06
    Last Modified: 12 Aug 2019 18:46
    URI: http://eprints.bbk.ac.uk/id/eprint/14440

    Statistics

    Downloads
    Activity Overview
    1Download
    132Hits

    Additional statistics are available via IRStats2.

    Archive Staff Only (login required)

    Edit/View Item Edit/View Item