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Journal of Globalization and Development

Ed. by Stiglitz, Joseph / Emran, M. Shahe / Guzman, Martin / Jayadev, Arjun / Ocampo, José Antonio / Rodrik, Dani

2 Issues per year

Online
ISSN
1948-1837
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The Past and Future of American Finance: American Experimentalism without American Exceptionalism

Tamara Lothian
Published Online: 2010-12-27 | DOI: https://doi.org/10.2202/1948-1837.1146

This piece introduces the distinction between financial regulatory reform and institutional reconstruction and argues that efforts in the US and other countries to reform the regulation of finance can and should serve as a first step towards institutional reconstruction. The financial crisis has revealed a series of problems that cannot be solved by mere regulation. They require innovations designed to reorganize the relation of finance to the real economy. To this end, we need a practice of legal and economic analysis attentive to institutional realities and possibilities. This piece exemplifies such a practice in the setting of US financial reform.

Keywords: financial crisis; financial regulation and reform; institutions; institutional change; globalization; development; rule of law; structural reform

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Published Online: 2010-12-27


Citation Information: Journal of Globalization and Development, ISSN (Online) 1948-1837, DOI: https://doi.org/10.2202/1948-1837.1146.

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