From Deregulation and Market Efficiency to Sustainable and Inclusive Growth

  • Jonathan Luckhurst


The analysis in this chapter indicates the parallels between earlier contestation of economic governance norms, in the mid-twentieth century, and the post-GFC contestation. This concerned contestation between advocates of market efficiency and rationality and those who argued that government intervention was a necessary corrective to the flaws in market capitalism. GFC effects on global financial governance influenced this policy contestation, encouraging an important shift from micro- to macroprudential financial regulation. It indicated the decentralizing authority in this global policymaking context, in terms of shifting cognitive authority; this was also demonstrated by the integration of more policy actors from developing states in multilateral fora.


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Authors and Affiliations

  • Jonathan Luckhurst
    • 1
  1. 1.University of GuadalajaraGuadalajaraMexico

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