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Securing finance: the paradox of Steuart’s watch

Securing finance: the paradox of Steuart’s watch
Securing finance: the paradox of Steuart’s watch
This paper examines the changes that have been made to the global financial architecture in the aftermath of the financial crisis and argues that the reforms are confronted with a paradox. Intervention is required to ensure the smooth running of the economy, yet too heavy a hand risks disrupting a central circuit of capital. We have recently witnessed a tightening of the regulatory mechanism such that the parameters of risk taking have been reduced—financial activity now modulates within a more risk adverse environment. Yet, the reforms are not as radical as they could have been, reflecting the need to ensure effective and efficient circulation within an increasingly important area of the economy. However, a stronger emphasis on pre-emptive surveillance has emerged, which may partly compensate for the lack of radical reforms in other areas
0955-7571
1-21
Glenn, John
d843e423-d1f9-4be5-b667-8e44a42efff2
Glenn, John
d843e423-d1f9-4be5-b667-8e44a42efff2

Glenn, John (2015) Securing finance: the paradox of Steuart’s watch. Cambridge Review of International Affairs, 1-21. (doi:10.1080/09557571.2015.1007032).

Record type: Article

Abstract

This paper examines the changes that have been made to the global financial architecture in the aftermath of the financial crisis and argues that the reforms are confronted with a paradox. Intervention is required to ensure the smooth running of the economy, yet too heavy a hand risks disrupting a central circuit of capital. We have recently witnessed a tightening of the regulatory mechanism such that the parameters of risk taking have been reduced—financial activity now modulates within a more risk adverse environment. Yet, the reforms are not as radical as they could have been, reflecting the need to ensure effective and efficient circulation within an increasingly important area of the economy. However, a stronger emphasis on pre-emptive surveillance has emerged, which may partly compensate for the lack of radical reforms in other areas

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e-pub ahead of print date: 14 April 2015
Organisations: Politics & International Relations

Identifiers

Local EPrints ID: 381957
URI: http://eprints.soton.ac.uk/id/eprint/381957
ISSN: 0955-7571
PURE UUID: 1a7a7273-96a9-4f92-b361-64b1845368cc
ORCID for John Glenn: ORCID iD orcid.org/0000-0001-9694-8282

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Date deposited: 19 Oct 2015 10:44
Last modified: 09 Jan 2022 02:52

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