Cycnos | Volume 29.1 - Législation et progrès socio-économique dans le monde anglophone | Influence du pouvoir législatif

Résumé :

While financial regulation reforms appear as a standard response to crises, and are determined by the macroeconomic environment, they also result from interest group pressure and ideological choices. In this paper, we show how waves of regulation, or deregulation, in the United States, reflect such choices, as well as different conceptions of socio-economic progress. While New Deal reforms sought to support economic recovery and equality through increased regulation, the Conservative revolution led to a deregulation movement aimed at promoting neoliberal values. The subprime crisis has sparked off a reregulation process, whereby financial legislation is designed according to the criterion of political accountability, and takes into account the necessity of financial stability as a public good.

Mots-clés : deregulation, Depository and Monetary Control Act, Dodd-Frank Act, financial regulation, Glass-Steagall Act, Gramm-Leach-Bliley Act, Minsky, neoliberalism, systemic risk.

Date de publication : 2016-04-20