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2016 | OriginalPaper | Buchkapitel

3. Ideational and Normative Effects of the GFC

verfasst von : Jonathan Luckhurst

Erschienen in: G20 Since the Global Crisis

Verlag: Palgrave Macmillan US

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Abstract

This chapter focuses on ideational and normative effects of the GFC. It makes an important theoretical contribution to the book, arguing that the GFC had enduring ideational and normative consequences for economic governance and international relations. The GFC significantly undermined conventional wisdom on economic policymaking, especially erstwhile confidence in the rational expectations model and efficient markets hypothesis from neoclassical economics, thereby reducing confidence in microprudential financial regulation and thus making possible a new global governance conventional wisdom of macroprudential financial regulation. It increased normative contestation about global and domestic economic governance, a key ideational crisis effect on G20 policy actors and others. GFC normative effects hastened the inclusion of G20 developing states in most key multilateral fora of international financial governance, decreased the cognitive authority of officials from leading industrialized states, and led to the creation of the G20 Leader forum.

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Vorheriges Kapitel Strategic Economic Effects of the GFC

Nächstes Kapitel International Focus on the G20

Greenspan made this comment in October 2008 at a Congressional hearing on the causes of the financial crisis (Andrews 2008).

Translation from French.

Translation from Spanish.

Interview with the author, June 2015.

Interview with the author, July 2015.

This notion of ‘narrative reconstruction’ is conceptually similar to ‘rhetorical redescription’ from linguistic philosophy, which refers to when actors manage to popularize an alternative interpretation of certain signifiers, for example, “modernization”, “progress”, and “good governance”, so that they become equated with something quite different from what was formerly commonly accepted (Skinner 2002, 279–280).

A recent public opinion poll indicated the second biggest reason for former Labour voters to defect to other parties in the 2015 election was fear that the party would spend and borrow too much (Wintour 2015).

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Titel: Ideational and Normative Effects of the GFC
verfasst von: Jonathan Luckhurst
Verlag: Palgrave Macmillan US
Buch: G20 Since the Global Crisis
Print ISBN: 978-1-137-55145-0

Electronic ISBN: 978-1-137-55147-4

Copyright-Jahr: 2016
DOI: https://doi.org/10.1057/978-1-137-55147-4_3

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