Marta Beroš ; Marin Beroš - Fairness through regulation? Reflections on a cosmopolitan approach to global finance

jpe:10651 - Journal of Philosophical Economics, November 19, 2013, Volume VII Issue 1 -
Fairness through regulation? Reflections on a cosmopolitan approach to global financeArticle

Authors: Marta Beroš 1; Marin Beroš 2

  • 1 Juraj Dobrila University of Pula = Université Juraj Dobrila de Pula [Croatie]
  • 2 University of Zagreb

In the aftermath of the last financial crisis a strong message prevails that 'something' has to be changed in the manner global finance is governed. What exactly this 'something' entails and what could constitute the 'common ground' of anticipated change is more difficult to determine. Many envisage future improvements of global financial governance by evoking deliberative democracy, political equality and cosmopolitanism. As financial regulation is the main instrument through which global finance is shaped and governed nowadays, these principles should then be transmitted to regulatory arrangements. This paper focuses on a new conceptual approach to regulatory and governance issues in global finance, by employing the philosophical idea of cosmopolitanism. It argues that although as a concept, cosmopolitanism cannot mitigate all the flaws attributed to contemporary finance, its development and extension to international financial regulation that is promulgated by institutions of the global financial system, would represent a worthwhile endeavour in making global finance more accountable and just in the eyes of many.

Volume: Volume VII Issue 1
Section: Articles
Published on: November 19, 2013
Imported on: December 28, 2022
Keywords: global financial system,financial governance,cosmopolitanism,financial regulation,[SHS]Humanities and Social Sciences

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