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This international collection studies how the financial crisis of
2007 and the ensuing economic and political crises in Europe and
North America have triggered a process of change in the field of
economics, law and politics. Contributors to this book argue that
both elites and citizens have had to rethink the nature of the
market, the role of the state as a market regulator and as a
provider of welfare, the role of political parties in representing
society's main political and social cleavages, the role of civil
society in voicing the concerns of citizens, and the role of the
citizen as the ultimate source of power in a democracy but also as
a fundamentally powerless subject in a global economy. The book
studies the actors, the areas and the processes that have carried
forward the change and proposes the notion of 'incomplete paradigm
shift' to analyse this change. Its authors explore the multiple
dimensions of paradigm shifts and their differentiated evolution,
arguing that today we witness an incomplete paradigm shift of
financial regulations, economic models and welfare systems, but a
stillbirth of a new political and economic paradigm.
The multilevel analysis - comparative, European, international -
provides a comprehensive overview of the accountability of FRSAs
and permits a comparison among different levels of regulation. The
study sheds clear light on the impact of the FRSAs' accountability
on the soundness of financial markets, the protection of investors,
the stability of the financial system, and democratic control and
justice. It also assesses whether and how post-financial crisis
reforms have addressed the accountability shortcomings of the
pre-crisis setting. For all of these reasons, it will be warmly
welcomed by lawyers, academics, and policymakers working in
financial services and related fields.
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