Treadmill of Regulation

Steven Rosefielde and Daniel Quinn Mills

Chapter 9 in Global Economic Turmoil and the Public Good, 2015, pp 107-125 from World Scientific Publishing Co. Pte. Ltd.

Abstract: Economic crises are difficult to prevent in the west because politocrats prioritize tweeking regulations over fundamental reform. This can be described as a treadmill of regulation where publically touted reform initiatives are merely pretexts for enriching the privileged and furthering their political agendas. The point can be vivified by reviewing the financial and banking “reforms” undertaken in the wake of the 2007–2008 global financial crisis. To many commentators and political officials enhanced banking regulation seems the most significant route toward avoiding future crises. It is not.

Keywords: Global Economic Crisis; Global Financial Crisis; Crisis Prevention; Global Economic Sclerosis; European Union; Monetary Union; Fiscal Union; United States; China; India; Japan; Monetary Policy; Keynesianism; Central Banking; Fiscal Policy (search for similar items in EconPapers)
Date: 2015
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