Deconstructing the tensions in the financial services industry

Abstract

Deconstruction is a philosophical thought (associated with the philosophy of Jacques Derrida) aimed at outlining the tensions inherent in the text, so as to be able to understand the problems connected with the text. It is after all our interpretation and understanding of the problems that forms the basis of the strategies that we develop for overcoming them. The thesis is therefore an attempt towards understanding the problems facing the regulators and their regulatory framework in the financial services industry, problems connected to the tensions emanating out of the dialectical relationship between the regulators and the regulated. The thesis is divided into five parts, the bulk of which is constituted by Parts II, III, and IV (Parts I and V being introduction and conclusion).

Part II is on the tensions in the financial services industry. It involves an examination of the tensions in the financial services industry, tensions that have created a crisis of confidence in the regulatory philosophy of ordering and control of the marketplace (and the ontological conditions prevailing in the marketplace) by means of a meta-framework. Part II also provides the stepping stone for a deeper analysis of the tensions in Part III (philosophical analysis of the tensions in the financial services industry), and Part IV (the problematic of time and space compression) of the thesis.

The basis of Part III of the thesis lies in Kuhn's thesis of paradigm shift. The discussion revolves round a two-part hypothesis: one, the tensions reflecting the regulatory crisis in the financial services industry may be a subset of, or a part of a much wider area of tensions/crises facing the conceptual foundations of the regulatory philosophy: the modernist philosophical thought; and two, the alternate philosophical thought which is generally described as postmodernism, may provide us with inspiration and ideas for the formulation of a regulatory strategy and regulatory framework that may facilitate the achievement of regulatory objectives while facilitating the amelioration of the tensions inherent in the financial services industry.

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