The financial crisis of 2008-2009 and the "Great Recession" that it precipitated highlight a number of important questions about the governance of contemporary capitalism. How do shortcomings in existing market governance institutions help to account for trends of rising economic inequality and financial instability? What new forms of market governance would better embody norms of stability, equality and justice? And how do present political conditions both constrain and enable possibilities for reform?
This volume brings together an array of leading thinkers to consider these pressing questions about market governance and its potential reform. Contributors combine in-depth empirical analysis with innovative explorations of alternative arrangements to consider challenges of market governance in advanced and developing countries, as well as global and regional organizations.
New Visions for Market Governance will be of interest to students and scholars in a wide range of areas including international and comparative political economy, public and social policy, and normative social theory.
Foreword Fred Block 1. Re-thinking Market Governance Kate Macdonald, Shelley Marshall and Sanjay Pinto 2. Financial Markets: Masters or Servants? John Quiggin 3. A Development-friendly Reform of the International Financial Architecture José Antonio Ocampo 4. Reforming International Financial Governance Ross P. Buckley 5. Sub-prime Lending and Microcredit: An Uncomfortable Analogy John D. Conroy 6. GFC2: The Global Food and Financial Crises Sandy Ross 7. Embedded Regionalism Jason Beckfield and Min Zhou 8. Strengthening Global Economic Governance John Langmore and Shaun Fitzgerald 9. From Waning to Emerging World Order: Multipolarity, Multilateralism, and World Bank Reform Robert H. Wade l0. Gender-Equitable Public Policy: Challenges to Policy Design amidst Contestations in a Multi-polar World Marina Durano 11. Developmental Globalization and Equity-Enhancing Multilateralism Kevin P. Gallagher 12. The ‘New’ Industrial Policy: Securing the Home Market with Subterfuge and SMEs Alice Amsden 13. Reframing Labour Market Regulation after the Financial Crisis: The Stimulus Packages and New Industrial Policy John Howe 14. Productive Democracy Joel Rogers 15. Always Embedded Neoliberalism and the Global Financial Crisis Damien Cahill 16. Re-Embedding the Market: Beyond Adam Smith’s Dinner Charles Sampford A Concluding Note Frances Stewart