The Political Economy of Financial Reform in the US and the UK

  • Gillian Garcia
Part of the The Jerome Levy Economics Institute Series book series (JLEI)


Analysts and participants remark on the seeming inability of the political system in the US to enact legislation to modernize the financial system. The conventional wisdom is that there must be a crisis in the US to act as a catalyst for action. Only in a crisis can a consensus be reached: and consensus is a sine qua non for US legislative action. Laws enacted during a crisis run the risk of being reactionary and not designed to anticipate the economy’s future financial needs.


Financial Account Standard Board Financial Reform General Account Office Congressional Budget Office Political Appointee 
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Copyright information

© Dimitri B. Papadimitriou 1996

Authors and Affiliations

  • Gillian Garcia

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