Normative Foundations

  • Alessandro VercelliEmail author


The evolution of the financial system and its regulation raises normative issues of the utmost importance for individual and collective choices. The author discusses the basic normative concepts underlying the hot debate on the regulation of the financial system after the Great Financial Crisis of 2007–2009: liberty, democracy, distributive justice, and finally the encompassing concept of comprehensive sustainability. These principles are mentioned in mainstream analyses, policy proposals, and communiqués of relevant institutions, but their meaning and role remain often only implicit. The author provides a definition for each of these normative principles focusing on the issues that are particularly relevant for a critical appraisal of contemporary finance. Among the main normative issues raised by the evolution of finance, the author discusses, in particular, the decline of the positive enforcement of individual liberty, the progressive systematic violation of distributive justice, the growing democratic deficit, and the inconsistency with sustainable development.


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Copyright information

© The Author(s) 2019

Authors and Affiliations

  1. 1.University of SienaSienaItaly

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