Restraing Regulatory Capture? Anglo America, Crisis Politics and Trajectories of Change in Global Financial Governance

A growing number of respected commentators now argue that regulatory capture of public agencies and public policy by leading banks was one of the main causal factors behind the financial crisis of 2007–2009, resulting in a permissive regulatory environment. This regulatory environment placed a faith in banks own internal risk models, contributed to pro-cyclical behaviour and turned a blind eye to excessive risk taking. The article argues that a form of ‘multi-level regulatory capture’ characterized the global financial architecture prior to the crisis. Simultaneously, regulatory capture fed off, but also nourished the financial boom, in a fashion that mirrored the life cycle of the boom itself. Minimizing future financial booms and crises will require continuous, conscious and explicit efforts to restrain financial regulatory capture now and into the future. The article assesses the extent to which this has been achieved in current global financial governance reform efforts and highlights some of the persistent difficulties that will continue to hamper efforts to restrain regulatory capture. The evidence concerning the extent to which regulatory capture is being effectively restrained is somewhat mixed, and where it is happening it is largely unintentional and accidental. Recent reforms have overlooked the political causes of the crisis and have failed to focus explicitly or systematically on regulatory capture.

Ant-lore in Anglo-Saxon England

Two Old English versions of a sunshine prognostication survive in the mid-eleventh century Cambridge, Corpus Christi College 391, p. 713, and in a twelfth-century addition to Oxford, Bodleian Library, Hatton 115, 149v–150r. Among standard predictions promising joy, peace, blossom, abundance of milk and fruit, and a great baptism sent by God, one encounters an enigmatic prophecy which involves camels stealing gold from the ants. These gold-digging ants have a long pedigree, one which links Old English with much earlier literature and indicates the extent to which Anglo-Saxon culture had assimilated traditions of European learning. It remains difficult to say what is being prophesied, however, or to explain the presence of the passage among conventional predictions. Whether the prediction was merely a literary exercise or carried a symbolic implication, it must have originated in an ecclesiastical context. Its mixture of classical learning and vernacular tradition, Greek and Latin, folklore and Christian, implies an author with some knowledge of literary and scholarly traditions.

Weather Prognostics in Anglo-Saxon England

Prognostics concerning the day of the week on which kalendae ianuariae and Christmas Day fall, commonly known as the Revelatio Esdrae , purport to be a set of prophecies by the Biblical Esdras. They make predictions about the weather and other natural phenomena for the year to come, and they then extend their predictions to the field of human affairs. A remarkable number of copies of the Revelatio appear in English manuscripts from the tenth to the twelfth centuries. Some of these versions have been attributed to Bede and Abbo of Fleury as part of their computus works.

Both R. M. Liuzza and L. S. Chardonnens point out the frequent occurrence of the Revelatio in religious and scientific manuscripts and therefore reject the label of folklore, stressing instead the probable monastic origin of this prognostication. This study will provide the first complete collation and analysis of the surviving exemplars, to give as full an idea as possible of their circumstances of composition, their transmission, and their relationship to one another. It will consider how the Revelatio Esdrae was copied and used in Anglo-Saxon England, the audience to which it was addressed, and whether any conclusion can be drawn from its appearance in particular manuscripts, alongside certain other texts.

The regular occurrence of the Revelatio along with computistical material supports the case for its monastic origin and learned nature. Such a text would have been a helpful handbook to be used by monks and priests, and was among the standard holdings of continental and Anglo-Saxon monasteries and scriptoria, giving further proof of the monks’ intellectual eclecticism and their knowledge of the kinds of continental literature from which this text derives.

'A new sword on an old anvil': W.B.Yeats, Robert Graves and the Anglo-Irish Tradition

Throughout his writing life, Robert Graves was consistently and often publicly hostile to the work of W.B. Yeats, whilst still also owing a considerable debt to the older poet (who he never met). This essay explores Graves' complex responses to Yeats, arguing that his antagonism may be understood in the light of his own Anglo-Irish background, and is implicated in his relations with his father, Alfred Perceval Graves, as well as his experience of the First World War. Probing the suggestiveness of Graves's claim in 1959 that his poems 'remain true to the Anglo-Irish poetic tradition into which I was born', it traces the relation between Yeats and Graves through correspondence, critical writings, and through a comparative reading of Yeats's A Vision and Graves's The White Goddess, and reveals underlying similarities in their critical and mythological thinking in spite of Graves's public disavowal of the Yeatsian aesthetic.