Banking Systems in the Crisis The Faces of Liberal Capitalism

The 2008 financial crisis has severely shaken confidence in liberal economic theory and policy. However, the sharply divergent experiences of the six Anglo-Saxon ́ђبliberal market economies ́ђة (LMEs) suggest that the reality is not so simple. This book traces the evolution of liberal capitalism, from its rebirth amidst the challenges of the 1970s to its role in the genesis of the 2008 crisis ́ђأ and debates the assumptions underpinning the liberal capitalist paradigm. Detailed comparative case studies reveal fundamental differences in the economic and political environments in which economic liberalisation took place, in approaches to finance and in the degree to which it was seen to be an engine for growth. The book concludes that this had a major influence on the evolving economic and financial systems, and consequently, their relative resilience when confronted with the challenges of the 2008 crisis.