The global financial crisis has uncovered disastrous gaps in the governance of capitalism. This timely book argues for encompassing and intelligent forms of political governance of capitalism to mitigate against the possibility of future global systemic risk.
This path-breaking book highlights that systemic risks emerge from a globally operating financial industry that is not only disconnected from the real economy but also allowed to hide in ‘shadow banking’ practices. Governance based on national regimes fails to cover ‘finance-led’ global capitalism. The authors argue that the risk of systemic meltdown will reappear unless intelligent governance regimes are installed, combining legally binding rules and civil society pressures to restore the balance between risk-taking and accountability. They illustrate the goal is ‘resilient’ capitalism in which the rules of the game are set by politics and knowledge-based discourse.
Political Governance of Capitalism will prove invaluable for graduate and post-graduate students interested in economy, political science, political economy, globalization, global governance, sociology, and financial sciences.