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Rules and Regulation: A Critique of Neoclassical Theory

In: Ecological Money and Finance

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  • Marc Lenglet

    (NEOMA Business School)

Abstract

Financial history is punctuated by crises which, cyclically and systematically, raise the question of the regulation of financial actors. Whether it be the crash of October 1987, the crisis in the bond markets and the LTCM hedge fund (1998), the bursting of the Internet bubble (2001–2002), or the subprime crisis (2007–2009)—to name but just a few—all these crises have given rise to regulatory responses. However, the responses generally given to such crises are rarely satisfactory: on the one hand, because it is illusory to imagine being able to foresee most of the causes generating these crises (and therefore the solutions to the problems posed by the crisis, which are always dealt with afterwards), and on the other hand, because the theoretical framework mobilized to think about and deploy financial regulation proves to be obsolete.

Suggested Citation

  • Marc Lenglet, 2023. "Rules and Regulation: A Critique of Neoclassical Theory," Springer Books, in: Thomas Lagoarde-Segot (ed.), Ecological Money and Finance, chapter 0, pages 727-748, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-14232-1_23
    DOI: 10.1007/978-3-031-14232-1_23
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