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.

Agitating for a design and regeneration agenda in a postconflict city: the case of Belfast

Introduction

Belfast has been a focus of academic attention for the last forty years with most interest centred on various aspects of ‘the Troubles’. Where there has been interest in the built environment, it has largely been about how the ‘security situation’ impacted directly on architecture and on the design and layout of social housing. This paper seeks to go beyond this to explore how the political- administrative culture of ‘the Troubles’ interacted with ‘normal’ market forces to shape the central area of the city, and to consider the responses of a recently formed activist group, known as the Forum for Alternative Belfast (hereafter referred to as the Forum). The paper is written by three of the directors of the Forum.1 Moreover, the empirical research presented here was undertaken by the Forum as part of a campaign to address issues relating to the design, layout and quality of Belfast’s built environment. In the longstanding tradition of participant observation working within an action-research paradigm, the participants have attempted to offer an account that is evidentially and purposefully selfcritical and reflective. It is of course recognised that while this approach offers many positive attributes, such as phenomenological access through immersion in the project, it also has the potential to bring compromise on research detachment and objectivity.2 To address the latter, the authors have attempted
to avoid polemical argument, and to support claims with primary or secondary research evidence. The authors also acknowledge that action-research has a chequered history; however, they would argue
that their approach is faithful to a concept that sees ‘research’ defined as understanding and ‘action’ defined as seeking change. The Forum’s very purpose is to seek change, but to do this requires evidence, collaboration and demonstration. And in this sense, it is a learning process for all participants, including the research activists, government officials, community organisations and students. The authors also recognise the complexity of factors that affect urban management and change, particularly in a city such as Belfast, which has had to cope with political violence for over thirty years. And they appreciate that in the context of conflict, governance is skewed to cope with political realities. Hamdi reminds us, however, that in practice there is an ‘important dialectic between top-down planning, with its formal and designed laws and structures, and bottom-up selforganizing collectivism—those “quantum and emergent systems” which Jane Jacobs argued long ago give cities their life and order.’3

‘Government(ality) By Experts: Human Rights as Governance’

The suggestion that the general economy of power in our societies is becoming a domain of security was made by Michel Foucault in the late 1970s. This paper takes inspiration from Foucault?s work to interpret human rights as technologies of governmentality, which make possible the safe and secure society. I examine, by way of illustration, the site of the European Union and its use of new modes of governance to regulate rights discourse – in particular via the emergence of a new Fundamental Rights Agency. „Governance? in the EU is constructed in an apolitical way, as a departure from traditional legal and juridical methods of governing. I argue, however, that the features of governance represent technologies of government(ality), a new form of both being governed through rights and of governing rights. The governance feature that this article is most interested in is experts. The article aims to show, first and foremost, how rights operate as technologies of governmentality via a new relation to expertise. Second, it considers the significant implications that this reading of rights has for rights as a regulatory and normalising discourse. Finally, it highlights how the overlap between rights and governance discourses can be problematic because (as the EU model illustrates) governance conceals the power relations of governmentality, allowing, for instance, the unproblematic representation of the EU as an international human rights actor

Security governance in transition: The compartmentalising, crowding out and corralling of policing and security in Northern Ireland

The article suggests that while the report of the Independent Commission on Policing (ICP) provides a police reform blueprint for Northern Ireland and elsewhere, it can also be seen as an attempt to engage more elliptically with contemporary debates in security governance vis-a-vis the increasingly fragmented nature of late-modern policing and the role of the state. A decade into the reform process in Northern Ireland and in spite of the networked approach postulated by the ICP, the public police continue to enjoy a pre-eminent place and little evidence exists of any significant weakening of state steering and rowing of security. The discussion proposes a tentative typology explaining the continued colonization of security spaces by the State using constituent attendant processes of compartmentalizing, crowding out and corralling.

Popular Writers: Women Historians, the Academic Community and National History Writing

The research for this paper formed part of the European Science Foundation project on Representations of the Past: The Writing of National Histories in Europe. Using data generated by the project, the article traces the emergence of professional academic women historians in twentieth-century European universities. It argues that the marginalisation of women historians in academia until the 1980s led women history graduates to develop research-based careers outside the university. In particular, the ambiguous attitude of academic historians towards popular history writing opened up a space for the woman author. The article analyses the careers and writings of five historians who pursued very successful careers as authors of popular history in England, France, Ireland and Scotland. They were among the first 'public' historians.

A Human Rights Perspective on Citizen Participation in the EU's Governance of New Technologies

This article considers the EU’s approach to citizen participation in the governance of new technologies from a human rights perspective. Noting that there is a dearth of insight on the interplay between citizen participation and human rights, the article sketches the essence of its own human rights perspective as being about empowerment. This perspective is brought to bear on EU discourse on citizen participation in the governance of new technologies. Analysis of the discourse—comprising law, citizen participation in EU governance and citizen/science relations, the ‘public understanding of science and technology’, risk and bioethics—reveals a disempowering ‘deficit model’ of citizens in need of education through their participation in governance. The analysis thus suggests that citizen participation in EU governance of new technologies is not truly informed by human rights, but is instead used as a legitimating technique.

The ‘Public Interest’ Agency of International Organizations? The case of the OECD Principles of Corporate Governance

This article seeks to outline and explore some of the conditions necessary for International Organizations (IOs) to perform in a public interest fashion through a case study of the Principles of corporate governance formulated by the OECD. Rather than the more commonly documented pathological and dysfunctional behavioural forms of IOs, the case of the Principles, both in their formulation by the OECD, and in their assessment by the World Bank through the ROSC process, represent an episode of IO agency protecting and promoting a wider public interest. In exercising their agency, IO staff, have made the Principles more agreeable to a wider range of interested parties, giving them a general interest orientation, in accordance with a proceduralist definition of public interest. This case should therefore encourage IPE scholars to consider carefully and systematically the sets of circumstances and conditions, which might be required for IO agency to take more socially useful forms. In the final section, three indicators are identified which might be evaluated in future research into the positive public interest agency of IOs across a range of cases.

Drivers of Supply Network Governance: An Explorative Study of the Dutch Chemical Industry.

The authors identify a number of drivers of supply network governance, a widely appraised governance form aimed at reaping the benefits of both vertical integration and market exchange. Case studies conducted in the Dutch chemical industry are used to explore these drivers. The findings identify interdependence of organizational activities and asset-specific investments as the key drivers of supply network governance in the chemical industry. Firms enjoy relational rents and tend to share knowledge in supply network relationships, however these factors seem to strengthen supply network relationships rather than create them.