ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Regulating the US Financial System to Avoid Another Meltdown

There is broad agreement that lax financial regulation, especially in the United States and United Kingdom, contributed in a big way to the current global financial mess. In recent months, there have been widespread calls for a regulatory overhaul of financial markets regulation. But there is little agreement on what those specific changes should be. If the power and influence of private finance is not reined in, we will return to the destructive deregulation/bailout dynamic that has characterised the last several decades. This paper lays out a nine-point plan for regulatory reform, specifically tailored to address the structural flaws in the us financial system.

This paper draws liberally from James Crotty, Structural Causes of the Global Financial Crisis: A Critical Assessment of the New Financial Architecture, 2008, PERI Working Paper, http://www.peri.umass.edu and James Crotty and Gerald Epstein, Avoiding Another Meltdown, Challenge, January/February 2009, Vol 52, No 1, 5-26.

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