Just Financial Markets?: Finance in a Just Society
Lisa Herzog
Abstract
Well-functioning financial markets are crucial for the economic well-being and the justice of contemporary societies. The Great Financial Crisis has shown that a perspective that naively trusts in the self-regulating powers of free markets cannot capture what is at stake in understanding and regulating financial markets. The damage done by the Great Financial Crisis, including its distributive consequences, raises serious questions about the justice of financial markets as we know them. This volume brings together leading scholars from political theory, law, and economics in order to explore t ... More
Well-functioning financial markets are crucial for the economic well-being and the justice of contemporary societies. The Great Financial Crisis has shown that a perspective that naively trusts in the self-regulating powers of free markets cannot capture what is at stake in understanding and regulating financial markets. The damage done by the Great Financial Crisis, including its distributive consequences, raises serious questions about the justice of financial markets as we know them. This volume brings together leading scholars from political theory, law, and economics in order to explore the relation between justice and financial markets. Broadening the perspective from a purely economic one to a liberal egalitarian one, the chapters of the volume explore foundational normative questions about how to conceptualize justice in relation to financial markets, the biases in the legal frameworks of financial markets that produce unjust outcomes, and perspectives of justice on specific institutions and practices in contemporary financial markets. Written in a clear and accessible language, the volume presents analyses of how financial markets (should) function and how the Great Financial Crisis came about, proposals for how the structures of financial markets could be reformed, and analyses of why reform is not happening at the speed that would be desirable from a perspective of justice.
Keywords:
justice,
financial markets,
regulation,
liberal egalitarianism,
Great Financial Crisis
Bibliographic Information
| Print publication date: 2017 |
Print ISBN-13: 9780198755661 |
| Published to Oxford Scholarship Online: May 2017 |
DOI:10.1093/oso/9780198755661.001.0001 |
Authors
Affiliations are at time of print publication.
Lisa Herzog, editor
Professor of Political Philosophy and Theory, Bavarian School of Public Policy, Technical University Munich
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