The Finance, Law, and Economics Working Group is happy to welcome you to the next webinar on "Macroprudential Regimes and the Politics of Social Purpose", to be held on Wednesday, February 14, at 17:00 (CET) / 16:00 UK.
During the session, we will discuss a recent paper by Prof. Andrew Baker (University of Sheffield, Department of Politics), in which he explores the social purposes of the so-much debated macroprudential regulatory frameworks. We are glad to have him with us!
Following the financial crash of 2008, many scholars have highlighted flaws and inadequacies in emerging macroprudential regulatory regimes. This paper argues that a missing ingredient in the political economy of post-crisis financial reform is the neglect of questions of social purpose in both policy debate and IPE scholarship. Social purpose is defined as a vision of the desirable or good economic system, derived from combinations of economic analysis and ethical reasoning. It is of particular relevance and importance to macroprudential regime building, because the foundational macroprudential conceptual frameworks developed by the Bank for International Settlements (BIS) and the Geneva Group from 2000 onwards display the features of a macro-social ontology. By focusing on systemic outcomes and collective social expectations such an ontology creates the basis for so-called macro-moralities that provide ethical justifications for public forms of systemic stabilization. However, a variety of epistemological, professional, institutional and political barriers have impeded relevant expert groups and political actors’ willingness and ability to actively translate macroprudential ontology into a systemic vision, or sense of social purpose that could be communicated to the public at large.
The link to attend the session will be available an hour before it starts.
We look forward to seeing you online!
Christopher and Cecilia
This event is organized by the Institute for New Economic Thinking (INET) Young Scholars Initiative (YSI).