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Democracy against domination by K. Sabeel Rahman

By K. Sabeel Rahman

In 2008, the cave in of the united states economy plunged the economic climate into the worst financial downturn because the nice melancholy. In its aftermath, the monetary drawback driven to the leading edge basic ethical and institutional questions about how we govern the fashionable economic climate. What are the values that monetary coverage should prioritize? What associations will we belief to control advanced fiscal dynamics? a lot of Read more...

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How do discover democratic values in a posh, deeply unequal smooth economic climate and within the face of unresponsive governmental associations? Drawing on innovative period concept and sparked by means of the real Read more...

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The response is similarly quite different, calling not for the fine-​tuned management of financial markets through expertise, but rather imposing a structural limit on the size and powers of these firms, for example through antitrust-​style efforts to break them up or limit their size, or through functional limits on what banks can do with their funds. 21 DEMOCRACY, DOMINATION, ECONOMIC GOVERNANCE ( 21 ) The divergence between this structuralist view of financial reform and the more mainstream managerialist view is not just a matter of different policy prescriptions; the two approaches represent fundamentally different logics of regulatory policymaking, resting on differing views of what regulation is for, how regulation ought to be designed, and ultimately what kinds of judgment regulators should exercise.

What was often missing in this financial regulation debate is a version of the more democratic understanding of economic governance, which emphasizes a more substantive vision of economic reordering achieved through participatory democratic mobilization. Indeed, financial regulation provides an especially difficult case for aspirations to democratic economic governance. Although finance has historically been one of the primary villains for waves of economic reform movements, it is also a domain that seems so overwhelmingly complex and critical that an appeal to markets or experts may be more prudent than to entrust its oversight to 19 DEMOCRACY, DOMINATION, ECONOMIC GOVERNANCE ( 19 ) lay citizens.

32 The problem is that “systemic risk” and “too-​big-​to-​fail” are not technical economic concepts, but rather political judgments. 34 When a private firm implicates a vital social need, it may warrant more severe political scrutiny and oversight, but this determination is ultimately a political, not a technical one. What was often missing in this financial regulation debate is a version of the more democratic understanding of economic governance, which emphasizes a more substantive vision of economic reordering achieved through participatory democratic mobilization.

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