The defining message of the 1992 presidential campaign that swept Clinton and Gore to the White House (and facilitated the financialisation of the economy) was incapsulated in a slogan: ‘It’s the economy stupid!’
Twenty years on the consequences of the decisions made by Clinton in office have become clear. To re-coin a phrase, ‘It’s the conflicts stupid!’
The current travails facing JP Morgan reflect the structural flaws in banking regulation in the United States.These conflicts extend well beyond the United States. They have contributed to the inculcation of ‘group think’ - according to no less an eminent source than the International Monetary Fund.
As Europe stands on the brink and opposition to banking reform in the United States lies in tatters, where now for financial regulation?
The Centre for Law, Markets and Regulation at the University of New South Wales has teamed up with the University of Oxford to bring together a leading inter-disciplinary team comprised of academics and practitioners to explore the question of not how but why we regulate?
It is one of the defining questions of our time. please join The Conversation, either here or on the CLMR portal - http://www.clmr.unsw.edu.au