Democracy and Financial Order: Legal Perspectives

Description

This book discusses the relationship between democracy and the financial order from various legal perspectives. Each of the nine contributions adopts a unique perspective on the legal and political challenges brought to the fore by the Global Financial Crisis. This crisis and the ensuing sovereign debt crisis in Europe are only the latest in a long series of financial crises around the globe in recent decades. By their very existence, but also as a result of the political turmoil they have created, these financial crises testify to the well-known tensions between democracy and a market-based economic and financial order. However, what is missing in this debate is an analysis of the role of law for reconciling democracy with a market-based financial order. To fill this lacuna, the book focuses on the controversy surrounding the concept of law, thereby adding another variable to the debate on the relation between democracy and capitalism. Each chapter addresses the concept of law from a particular theoretical angle, be it a full-grown legal theory or an approach in political economy that has a particular view of the law. Front Matter ....Pages I-V Introduction: Democracy and Financial Order – Legal Perspectives (Matthias Goldmann, Silvia Steininger)....Pages 1-5 A Discourse Theoretical Approach to Sovereign Debt Restructuring: Towards a Democratic Financial Order (Matthias Goldmann, Silvia Steininger)....Pages 7-44 The Limits of Law (and Democracy) in the Euro Crisis: An Approach from Systems Theory (Lars Viellechner)....Pages 45-59 Rational Choice and Its Limits (Emanuel V. Towfigh)....Pages 61-75 Constitutional and Administrative Pluralism in the EU System of Banking Supervision (Matej Avbelj)....Pages 77-94 Debt, Default, and Two Liberal Theories of Justice (Oisin Suttle)....Pages 95-129 The Financial Crisis as a Crisis of Democracy: Towards Prudential Regulation Through Public Reasoning (Matthias Goldmann)....Pages 131-153 Neoliberalism and Law: The Case of the Constitutional Balanced-Budget Amendment (Thomas Biebricher)....Pages 155-175 An Alert from the Left: The Endangered Connection Between Taxes and Solidarity at the Local and Global Levels (Francisco Saffie G.)....Pages 177-195 Public Law’s Rationalization of the Legal Architecture of Money: What Might Legal Analysis of Money Become? (Isabel Feichtner)....Pages 197-227 Back Matter ....Pages 229-230