Abstract
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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Luckhurst, J. (2018). From Deregulation and Market Efficiency to Sustainable and Inclusive Growth. In: The Shifting Global Economic Architecture. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-319-63157-8_4
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