The New Political Economy of the Macroprudential Ideational Shift

From late 2008 onwards, in the space of six months, international financial regulatory networks centred around the Swiss city of Basel presided over a startlingly rapid ideational shift, the significance and importance of which remains to be deciphered. From being relatively unpopular and very much on the sidelines, the idea of macroprudential regulation (MPR) moved to the centre of the policy agenda and came to represent a new Basel consensus, as the principal interpretative frame, for financial technocrats and regulators seeking to diagnose and understand the financial crisis and to advance institutional blueprints for regulatory reform. This article sets out to explain how and why that ideational shift occurred. It identifies four scoping conditions of presence, position, promotion, and plausibility, that account for the successful rise to prominence of macroprudential ideas through an insiders' coup d'état. The final section of the article argues that this macroprudential shift is an example of a ‘gestalt flip’ or third order change in Peter Hall's terms, but it is not yet a paradigm shift, because the development of first order policy settings and second order policy instruments is still ongoing, giving the macroprudential ideational shift a highly contested and contingent character.

Political Institutions, Engagement and Outreach: The Case of the Northern Ireland Assembly

Democracies are faced increasingly with the challenge of engaging the public on the assumption that such activity will lead to greater understanding of, and enhanced trust in, political institutions. This is a particular difficulty for an institution such as the Northern Ireland Assembly (NIA), established against the backdrop of a historically divided society with high levels of political conflict and which has itself been suspended on several occasions. This article reports the findings from the NIA's first survey of public engagement, conducted as part of the Assembly's broader engagement strategy. It provides a baseline against which future levels of engagement can be judged. Moreover, it highlights a range of challenges that face both the NIA and its Members of the Legislative Assembly if the Assembly is to engage successfully with the public in the aftermath of the 2011 elections.

Struggles against Injustice:: Contemporary Critical Theory and Political Violence

This article investigates a significant problem in contemporary critical theory, namely its failure to address effectively the possibility that a campaign of political violence may be a legitimate means of fighting grave injustice. Having offered a working definition of ‘political violence’, I argue that critical theory should be focused on experiences of injustice rather than on ideals of justice. I then explore the reasons as to why, save for some intriguing remarks on retrospective legitimation, Jürgen Habermas has not addressed this issue directly. While Axel Honneth's recognition theory may have greater potential here, the absence of explicit consideration of the matter by him leaves considerable work to do. I introduce five questions in the concluding section that provide a starting point in setting out an appropriately stringent, normative test for claims that support violent action against injustice.

Knowledge as Power, Knowledge as Capital: A Political Economy Critique of Modern 'Academic Capitalism'

We are constantly reminded that we live in a 'knowledge society, and indeed that with a 'knowledge economy' a nation's international competiveness is directly linked to its ability to innovate, out-compete and successfully commercialise knowledge. INcreasingly, research within universities is being directed, incetivized and ultimately disciplined towards clear 'economic' priorities. This article offers a critical analysis - employing a broad political economy approach - of the ways in which research within universities and other places of higher learning has become increasingly orientated towards a narrow set of economic goals.

‘Towards a Green New Deal on the Island of Ireland: from economic crisis to a new political economy of sustainability’

This article begins from the assumption (which may seem controversial to many) that anyone who thinks that our current economic crisis is a temporary blip until ‘normal service’ (i.e. a return to ‘business as usual’) is resumed, profoundly misunderstands the severity and significance of what’s happening to the global economy and its impacts on the future prosperity of the island of Ireland. The economic recession represents nothing short of a re-structuring of the global economy and the creation of a new dispensation between governments, markets and citizens. The full implications of the re-regulation of the market, with the state bailing out and part nationalising the financial sector in both jurisdictions on the island (as in other parts of the world) have yet to be seen, but what we are witnessing is the emergence of a new economic model. Those who think we can, or even ought to, return to the pre-2008 economic model, are gravely mistaken. The current economic downturn marks the end of the ‘neo-liberal’ model and the beginnings of the transition (an inevitable transition, this article will argue) towards a new low carbon, renewable, green and sustainable economy and society.

‘Marxism and Ecology: From Political Economy to Political Ecology’

One of the reasons for the 'fin de seicle' angst within western liberal capitalist societies is the rise in prominance of ecological concerns within these societies. Long before the New Right declared the post-war welfare state to be untenable, early green critics had claimed it to be ecologically unsustainable. The addiction of the welfare state on ever increasing levels of economic growth was pronounced to be simply impossible within the context of a finite planet. Although it was not expressed in this manner, what these early ecological concerns with Limits to Growth were in effect saying was that the accumulation of capital rendered capitalism unsustainable. Yet the ecological critique of capitalism has not found much favour within the Marxist critique untile recently. Early Marxist analyses of the ecology movement dismissed them as ‘petty bourgeios radicals’ while many greens still view Marxism as ‘fair shares in extinction’. The lack of positive engagement and dialogue between Marxism and ecology has in recent years been put right with a discernable overlap between the two critiques of capitalism. This article seeks to present the areas of disagreement and agreement between the two and seeks to provide an ‘environmental audit’ on both the Marxist method and political project.

Civic Republicanism and Green Political Theory

Republicanism and in particular the civic republican tradition is not often one that one finds in discusions and debates within green political theory. It is interesting to note the relative lack of engagement between republican political theory and green political theory, unlike for example the research one can find on the relationship between green politics/political theory and liberalism, socialism and feminism. This is remarkable, given, as I hope to establish in this paper, the large areas of overlap between both, and in particular the compatibility of republican ideas and positions with key priciples and objectives of green theory, paricularly in relation to active citizenship, the centrality of recognising vulnerability and a commitment to liberty (as non-domination) and pluralism as key components of the transition to a more sustainable society.

‘Towards a Concrete Utopian Model of Green Political Economy’

Much of the thinking about the appropriate ‘political economy’ to underpin sustainable development has been either utopian (as in some ‘green’ political views) or ‘business as usual’ approaches. This article suggests that ‘ecological modernisation’ is the dominant conceptualisation of ‘sustainable development’ within the UK and other ‘developed’ Northern polities and most corporate/business interests, and illustrates this by looking at some key ‘sustainable development’ policy documents from the UK Government. While critical of the reformist ‘policy telos’ of ecological modernisation, supporters of a more radical version of sustainable development need to also be aware of the strategic opportunities of this policy discourse. In particular, the article suggests that the discourse of ‘economic security’, which can be attached to a radicalised notion of ecological modernisation, ought to be used as a way of articulating a radical, robust and principled understanding of sustainable development, which offers a normatively compelling and policy-relevant path to outlining aspects of a ‘green political economy’ to underpin sustainable development.

Public Administration, Science and Risk Assessment: A Case Study of the U.K. Bovine Spongiform Encephalopathy Crisis

The bovine spongiform encephalopathy (BSE) outbreak in the United Kingdom is regarded as one of the worst public policy crises the British government has experienced during the postwar era. In material terms, it has led to the slaughter of 3.3 million cattle and estimated economic losses of £3.7 billion. In administrative terms, the crisis brought about the dissolution of the Ministry of Agriculture, Fisheries and Food. This article examines the istitutional context in which decisions about the scientific evidence on BSE were made. The authors argue that a centralized system in which government agencies control science for government is inherently vulnerable to alliances of experts and interest groups that undermine the credible assessment of public health and safety risks. Specific societal conditions may encourage risk-opportunistic behavior among policy makers that is conducive to delays and inaction until such time as the evidence of a health risk becomes overwhelming.