Questioning the Self-Regulating Market

Written by

Kellogg Center, IAB

The faith of politicians, academics, and regulators in the efficacy of self-regulating markets fostered the deregulation that was a central factor leading to the crisis. In Questioning the Self-Regulating Market, panelists will scrutinize the commonplace notion that the “natural” and most efficient state of a market is to be free of regulation. If markets are in fact jointly produced by states, market actors, and institutional milieus, do existing social scientific theories effectively capture this process? What are the politics of market design in certain key markets, such as the credit default swap market? How does a shift in framing from “more or less” regulation to “better or worse” construction alter the way we understand the causes of the economic downturn? In light of alternative understandings of markets, e.g. behavioral economics and economic sociology, what factors are essential for the creation of stable markets? Participants: Theo Lubke, Perry Mehrling, Gillian Tett, Katharina Pistor, and Joseph Stiglitz.

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