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In the aftermath of the financial crisis, why have reforms been incremental, despite the fact that conditions for rapid transformation appeared to be available? Is there anything specific about financial policy that prevents more radical reforms? Drawing from comparative politics and historical institutionalism in particular, as well as international political economy, this book answers these questions by examining the particular institutional frictions which characterise global financial governance, and which influence the activity of change agents and veto players involved in global regulatory change. Chapters demonstrate that the process of change in financial rule-making, as well as in the institutions governing finance, do not fit with the punctuated model of policy change. They also show, however, that incremental changes can lead to fundamental shifts in the basic principles that inform global financial governance.
Transforming International Institutions illuminates how a slow, quiet, subterranean process can produce big, radical change in international institutions and organizations. Drawing on historical institutionalism and interpretive tools of international law, Graham provides a novel theory of uncoordinated change over time. It highlights how early participants in a process who do not foresee the transformative potential of their acts, but nonetheless enable subsequent actors to push change in new directions to profound effect. Graham deploys this to explain how changes in UN funding rules in the 1940s and 1960s--perceived as small and made to solve immediate political disagreements--ultimately sidelined multilateral governance at the United Nations in the twenty-first century. The perception of funding rules as marginal to fundamental principles of governance, and the friendly orientation of change-initiators toward the UN, enabled this quiet transformation. Challenging the UN's reputation for rigidity and its status as a bastion of egalitarian multilateralism, Transforming International Institutions demonstrates that the UN system is susceptible to subtle change processes and that its egalitarian multilateralism governs only a fraction of the UN's operational work.
Since the summer of 2007, the world scenario has been dominated by the US sub-prime mortgage crisis and its repercussions on global financial markets and economic growth. As banks around the world wrote down their losses and governments intervened to rescue domestic financial institutions, financial distress severely hit the real economy leading to what has been widely defined as the worst recession since the 1930s. Under these conditions, along with the immediate concern for stemming the effects of the crisis, policy-makers around the world have been debating the long-term measures that have to be adopted in order to reduce the likelihood of future crises and to ensure stable economic growth. Although this debate has not yet produced significant transformations, it indicates a renewed concern about the institutional architecture that is meant to govern the global economic and financial system. This book tackles the issue of what the governance of the global economic and financial system looks like and what the prospects for its reform are. Specifically, the book will address the following three main themes: Governance: What is governance in the international economic system? What forms does it take? How did it come about? How can we study it?; Functions of governance: What are the functions of global economic governance? Who performs them? What are the rules and mechanisms that make global governance possible? Problems and prospects of governance: What are the problems in global economic governance? Is there a trade-off between legitimacy and efficiency? What are the prospects for reform of global economic governance in the aftermath of the global financial crisis? This book will: _ Provide a thorough analysis of the issues at stake in designing international rules and institutions able to govern the global economy; _ Illustrate and analyze virtually all the main institutions, rules, and arrangements that make up global economic governance, inscribing them within the function these institutions, rules, and arrangements are meant to perform; _ Discuss the problems that affect today’s global economic governance and assess alternative proposals to reform the international financial architecture.
Coalitions of consumer groups, NGOs, and trade unions have traditionally been considered politically weak compared to well-organized and resourceful financial sector groups which dominate or "capture" financial regulatory decisions. However, following the 2008 financial crisis, civil society groups have been seen to exert much more influence, with politicians successfully implementing financial reform in spite of industry opposition. Drawing on literature from social movement research and regulatory politics, this book shows how diffuse interests were represented in financial regulatory overhauls in both the United States (US) and the European Union (EU). Four cases of reform in the post-crisis regulatory context are analyzed: the creation of a new Consumer Financial Protection Bureau in the US; the introduction of new consumer protection regulations through EU directives; the failure of attempts to introduce a financial transaction tax in the US; and the agreement of 11 EU member states to introduce such a tax. It shows how building coalitions with important elite allies outside and inside government helped traditionally weak interest groups transcend a lack of material resources to influence and shape regulatory policy. By engaging with a less well-known side of the debate, it explains how business power was curbed and diverse interests translated into financial regulatory policy.
This text provides an authoritative account of the law and politics of international organisations. Looking at the role, function and history of organisations, it offers a wide ranging and thorough analysis of the area.--
The Oxford Handbook of Historical Institutionalism offers an authoritative and accessible state-of-the-art analysis of the historical institutionalism research tradition in Political Science. Devoted to the study of how temporal processes and events influence the origin and transformation of institutions that govern political and economic relations, historical institutionalism has grown considerably in the last two decades. With its attention to past, present, and potential future contributions to the research tradition, the volume represents an essential reference point for those interested in historical institutionalism. Written in accessible style by leading scholars, thirty-eight chapters detail the contributions of historical institutionalism to an expanding array of topics in the study of comparative, American, European, and international politics.
Over recent decades International Relations scholars have investigated norm dynamics processes at some length, with the ‘norm entrepreneur’ concept having become a common reference point in the literature. The focus on norm entrepreneurs has, however, resulted in a bias towards investigating the agents and processes of successful normative change. This book challenges this inherent bias by explicitly focusing on those who resist normative change - norm ‘antipreneurs’. The utility of the norm antipreneur concept is explored through a series of case studies encompassing a range of issue areas and contributed by a mix of well-known and emergent scholars of norm dynamics. In examining the complexity of norm resistance, particular attention is paid to the nature and intent of the actors involved in norm-contestation, the sites and processes of resistance, the strategies and tactics antipreneurs deploy to defend the values and interests they perceive to be threatened by the entrepreneurs, and whether it is the entrepreneurs or the antipreneurs who enjoy greater inherent advantages. This text will therefore be of interest to scholars and students of International Relations, International Law, Political Science, Sociology and History.
This volume broadens the scope of 'comparative capitalism' within the Varieties of Capitalism (VoC) tradition. It endorses the employment of multiple perspectives, including critical political economy, institutionalist systems of capitalism, structuralist-dependency scholarship and world-systems theory. The contributors deal with the theory of economic patriotism in a conceptual framework, as well as case studies regarding rent-seeking behaviour, the patronage state in Hungary and Poland, the conflict between national regulation and the European legal framework and the perspective of wage relations in the European institutional framework. The book concludes with the legacy of developmentalism and dirigisme in a core-periphery relation, based on the French state and a range of non-European cases including Iran, Brazil and Egypt.
This book focuses on the present and future challenges of managing ecosystem transformation on a planet where human impacts are pervasive. In this new epoch, the Anthropocene, the already rapid rate of species loss is amplified by climate change and other stress factors, causing transformation of highly-valued landscapes. Many locations are already transforming into novel ecosystems, where new species, interactions, and ecological functions are creating landscapes unlike anything seen before. This has sparked contentious debate not just about science, but about decision-making, responsibility, fairness, and human capacity to intervene. Clement argues that the social and ecological reality of the Anthropocene requires modernised governance and policy to confront these new challenges and achieve ecological objectives. There is a real opportunity to enable society to cope with transformed ecosystems by changing governance, but this is notoriously difficult. Aimed at anyone involved in these conversations, be those researchers, practitioners, decision makers or students, this book brings together diffuse research exploring how to confront institutional change and ecological transformation in different contexts, and provides insight into how to translate governance concepts into productive pathways forward.
Financial Crises and the Limits of Bank Reform examines the responses that were implemented in France and Germany, two comparable European economies, in the aftermath of the global financial crisis from 2007/2008 with respect to the future economic role of the banks. While France pushed for greater independence from the banks by strengthening financial disintermediation and non-bank intermediation, Germany supported classic bank intermediation. Analysing the reasons for this puzzling difference, this book shows that the main lessons drawn from the crisis were the consequence of differing patterns of social learning, leading to changes in widely shared beliefs of specific aspects of banking. While these were related to the conditions of bank lending and the limits of bank intermediation in France, in Germany they were linked to the risks of financial innovation and financial sector concentration. The book draws on an in-depth analysis of French and German banking and financial sector reforms in the decades prior to the crisis, crisis management, and the responses implemented in the aftermath, featuring extensive interview data with over 70 professionals in addition to profound document and data analysis. It discusses alternative theoretical approaches and spells out the ontological foundations and behavioural implications of the social learning approach to policy change. Contrary to other accounts of the post-crisis reforms concentrating on regulatory change, the author focuses on how evolving financial practices and reform priorities mutually condition each other over time, forming distinctive developmental paths. As this book shows, it is only once we embed the reform options chosen in their specific institutional and socio-economic context that we fully understand the driving forces behind the post-crisis reforms.