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dc.contributor.authorDow, Sheilaen_UK
dc.contributor.editorArestis, Pen_UK
dc.contributor.editorSawyer, Men_UK
dc.description.abstractThis paper explores a pluralist approach to policy with respect to the financial system in the wake of the crisis. We consider first what is involved in a pluralist approach to policy more generally, and how this may be justified. This includes a pluralist stance with respect to different approaches to economic theory, pluralism in the sense of interdisciplinary enquiry, pluralism in terms of range of methods employed, and pluralism with respect to recognition of the plurality of culture and values in society. Implications are drawn for how the banking crisis is framed, how it is explained by theory and thus how policy is designed. In addressing these issues, current mainstream theory focuses on a narrow definition of rational behaviour which, within competitive markets, generates a socially-optimal outcome. This approach is governed by a mathematical formalist methodology, and encourages policy to incentivise this kind of rational behaviour, with respect for example to inflation targeting and addressing moral hazard. Pluralist theory would instead recognise the socio-psychological and institutional/evolutionary foundations of money and banking, such that policy needs to focus on rebuilding confidence and addressing moral (including distributional) issues. The relevant analysis would require a range of methods and would address pluralities within society.en_UK
dc.relationDow S (2013) Policy in the Wake of the Banking Crisis: Taking Pluralism Seriously. In: Arestis P & Sawyer M (eds.) Economic Policies of the New Thinking in Economics. London: Routledge, pp. 17-31.
dc.rightsThis is an Accepted Manuscript of a chapter published by Taylor & Francis Group in Economic Policies of the New Thinking in Economics 2013:
dc.subjectmonetary policyen_UK
dc.subjectbank regulationen_UK
dc.titlePolicy in the Wake of the Banking Crisis: Taking Pluralism Seriouslyen_UK
dc.typePart of book or chapter of booken_UK
dc.type.statusAM - Accepted Manuscripten_UK
dc.citation.btitleEconomic Policies of the New Thinking in Economicsen_UK
rioxxterms.typeBook chapteren_UK
local.rioxx.authorDow, Sheila|0000-0001-9969-197Xen_UK
local.rioxx.projectInternal Project|University of Stirling|
local.rioxx.contributorArestis, P|en_UK
local.rioxx.contributorSawyer, M|en_UK
local.rioxx.filename2011 cambridge pluralism final.pdfen_UK
Appears in Collections:Economics Book Chapters and Sections

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