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Banking Systems in the Crisis - The Faces of Liberal Capitalism (Paperback)
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Banking Systems in the Crisis - The Faces of Liberal Capitalism (Paperback)
Series: Routledge Critical Studies in Finance and Stability
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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.
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