Social Capitalism, Economies of Money, and Custodial Regulation
This conference is now closed.
This conference of the World Economics Association fostered collective reconsideration of the social role of finance, and consequently, the regulation of financial markets.
One view of the contemporary situation of financial markets, and a statement of the problems that the conference seeks to address may be found in the problematique.
Papers were submitted by scholars from all over the world, and can be accessed below.
David A. Westbrook
Floyd H. & Hilda L. Hurst Faculty Scholar
Professor of Law
The State University of New York (SUNY) at Buffalo
Please leave any comments you have about the conference or about collections of papers below.
This paper argues that the existing market in Islamic finance closely resembles Westbrook’s (2012) vision of social capitalism based on custodial regulation. However it also argues that the social benefits of presently existing Islamic finance appears rather slight, in large part because three social forces push Islamic finance to closely resemble conventional finance. The paper … Continue reading »
We are caught between those who celebrate financial markets and calculative agents and those who denounce them. Many economists are in the former camp; many social scientists in the latter. This paper begins with a conclusion: “a pox on both your houses.” Financial markets and calculative agents are not natural, as that term is generally … Continue reading »
This essay makes the case for a fundamental reconsideration of the role of the banking industry in the West in a situation where economic growth and development is much more dependent on that industry than many of us envisaged. It looks at the growing intermingling of important public social, political, economic, and financial activities between … Continue reading »
Since the financial liberalisation of the 80′s, the Basel committee on Banking Supervision wants to strengthen banks’ apital and other stable funding with the purpose of increasing banks’ financial security, as stable funding increases the security of the non-financial business sector. But bank capital has nothing to do with bank security and with money creation. … Continue reading »
In the search for operative, sustainable and complementary currencies and the methods of applying them in the real world, this article proposes a perspective from an architect’s point of view when applying the use of time based currencies to the urban habitat and environment, and to the provision of basic needs within its communities especially … Continue reading »
After the Post-War Economy in America fell apart, Americans tried to fashion a replacement for it. Evaluation of that effort has been heavily influenced by American’s understanding of the earlier economy. By this standard the failure of attempts to build that successor economy, even one based on financial services, are obvious. As these attempts continue … Continue reading »
Local political pressures seem to frame and steer conversations about difficult financial regulatory questions of global impact. Translating from one language to another or from one specialty to another falls short of working together and may even block finding creative ways of describing critical questions. The online conference model is one attempt to address these … Continue reading »
The State Government of New York has re-emerged as a pivotal broker of financial regulation. Enforcement action taken by the Department of Financial Services against Standard Chartered for violations of sanctions against Iran, as well as subpoenas issued by the State Attorney General to banks implicated in the manipulation of the London Inter-Bank Offered Rate … Continue reading »
In this paper by utilizing institutional and evolutionary economics concepts and micro-meso-macro framework, first differences in the developing countries financial system have been identified with the acknowledgement of underdevelopment in information transition stages of states and laws, and the institutionalization of science and technology. Then most important financial system theories from different schools of thought … Continue reading »
If American’s vote to force Congress to assign individual serial numbers to electronic dollars, the global economy will undergo a renaissance. All private and business bank accounts retain the exact same amount of cash, but by placing individual serial numbers on these electronic dollars they become “real” in the same sense that paper ones are. … Continue reading »
This paper examines the price volatility and hedging behavior of four notional commodity futures indices which represents the relevant sectors like Agriculture (AGRI), Energy (ENER), Metal (META) and an aggregate of agricultural, energy and metal commodities (COMDX), retrieved from the commodity future exchange market, Multi Commodity Exchange (MCX), of India. After adjusting for dates and … Continue reading »
In this paper I look at how Mario Draghi, President of the European Central Bank, sought in the summer of 2012 to remake the euro as a “public currency” and, thus, further both the old and new agendas of European integration. To achieve this Draghi had to re-design the communicative architecture of the euro in … Continue reading »
This paper brings into focus some general – and indeed basic – aspects of financial markets and processes, the understanding of which is indispensible for the investigation of many penetrating questions that, notwithstanding their importance, are likely to be set aside by more specialist and sophisticated treatments of financial flows. We shall start with the … Continue reading »
The Dodd-Frank Act (“Dodd-Frank”), enacted in the wake of the financial crisis of 2008, aims to address problems in the markets that government regulators face. During this financial crisis, key large financial institutions required governmental assistance to stem the systemic impact on the markets from problems generated by them. Though government officials acted to stem … Continue reading »
An Epic interdisciplinary poem about rethinking financial markets both in terms of how we got here and what we do next.
in all the proposals that we have read so far to solve the European crisis, not one submitted what we believe to be an essential element: the creation of regional currencies, which we call social currencies; the name could be better but what we have in mind with this name is that this currency includes … Continue reading »
In the wake of the financial crisis, many in the U.S. are revisiting the concept of “merit regulation” – the road not taken with regard to the federal regulation of securities. However, the drawbacks of such an approach remain as compelling today as when the approach was rejected by policymakers eighy years ago. That said … Continue reading »
The model openBarter defines an central limit order book allowing cyclic exchanges between more than two partners (buyer and seller) in a single transaction. It does not require any central monetary standard to perform competition between orders. The model provides a liquidity nearly equivalent to that of a regular market when the diversity of qualities … Continue reading »
The paper argues in favor of a radical disconnection between the exchange function and the valuation function of financial markets. It defends it from an investee’s point of view, mainly on the grounds that valuing financial assets is a matter of judgment.
This paper addresses this question to investigate the incentive of the Iraq Stock Exchange (ISX) in the privatization and economic reformation process. This study considers that the ISX represents one of the most important mechanisms that spur the Iraqi economy on Privatization, and it can support these Privatization processes whenever it works efficiently. This study … Continue reading »