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PIR Seminar- After the Crisis: More Regulation, Better Regulation or Toughe...

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Leeds Beckett University

Rose Bowl 513

Portland Crescent

Leeds

LS1 3HB

United Kingdom

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PIR (Politics and International Relations) Seminar

After the Crisis: More Regulation, Better Regulation or Tougher Enforcement?

Speaker- Dr Or Raviv, School of Social Sciences

Organiser- Dr Paul Wetherly

Amongst the numerous accounts of the 2008 global financial crisis, a particularly powerful narrative has emphasized the role of regulatory failure. In this narrative, far from just failing to prevent crisis, regulation is accorded a constitutive role in the making of the crisis. Arguably, this same approach has informed much of the academic and public debate about post-crisis reform; if a ‘bad’ regulatory regime has caused the crisis than replacing ‘bad’ policies with ‘good’ ones is the self-evident solution. Implicit in the view of regulation as constitutive of social phenomena however, is the assumption of compliance by those subject to it. This paper rejects the implicit assumption of compliance and instead offers a detailed analysis of the post-crisis evolution of compliance monitoring and enforcement capacities of financial regulators in the UK. The paper finds that the legal and institutional reforms of the UK’s financial enforcement regime have not delivered the strengthened capacity or consistent practices necessary to adequately deter the type of fraudulent and criminal behaviour which was rampant in the lead-up to the crisis. The paper concludes therefore that the constitutive view of public policy has resulted in a misinformed debate on the appropriate policy responses to the crisis.

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Leeds Beckett University

Rose Bowl 513

Portland Crescent

Leeds

LS1 3HB

United Kingdom

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