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Transnational Civil Society and the Consumer-friendly Turn in Financial Regulation

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  • Lisa Kastner

    (CEE - Centre d'études européennes et de politique comparée (Sciences Po, CNRS) - Sciences Po - Sciences Po - CNRS - Centre National de la Recherche Scientifique)

Abstract

The literature on financial regulation has typically emphasized the role of the powerful financial industry in shaping regulatory outcomes. However, capture theories cannot explain the prominence of financial consumer protection in post-crisis reform agendas. By contrast, this paper argues that, despite their collective action disadvantage, a polymorphous network of civil society organizations was able to gain momentum after the financial crisis and to influence the financial reform process. In this policy window, where decision-makers were looking out for an alternative source of expertise, a transnationally connected civil society network successfully raised the issue of consumer protection on reform agendas in tandem with public entrepreneurs and on the back of a popular backlash against big finance. This argument will be explored through a comparative study of the impact of transnational pressures on policy-makers in Europe and the US in the immediate aftermath of the crisis. In the conclusion, the paper discusses the substance of the financial reforms that have been undertaken.

Suggested Citation

  • Lisa Kastner, 2013. "Transnational Civil Society and the Consumer-friendly Turn in Financial Regulation," Working Papers hal-01070524, HAL.
    • Handle: RePEc:hal:wpaper:hal-01070524
    Note: View the original document on HAL open archive server: https://sciencespo.hal.science/hal-01070524
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    References listed on IDEAS

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    1. Haas, Peter M., 1992. "Introduction: epistemic communities and international policy coordination," International Organization, Cambridge University Press, vol. 46(1), pages 1-35, January.
    2. World Bank, 2012. "Good Practices for Financial Consumer Protection," World Bank Publications - Reports 26861, The World Bank Group.
    3. Jacob S. Hacker & Paul Pierson, 2010. "Winner-Take-All Politics: Public Policy, Political Organization, and the Precipitous Rise of Top Incomes in the United States," Politics & Society, , vol. 38(2), pages 152-204, June.
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    Cited by:

    1. Zsuzsánna Biedermann & Ágnes Orosz, 2015. "Diverging financial regulations after the crisis? A comparison of the EU’s and the United States’ responses," Financial and Economic Review, Magyar Nemzeti Bank (Central Bank of Hungary), vol. 14(1), pages 31-55.
    2. repec:cbh:journl:v:14:y:2015:i:1:p:31-55 is not listed on IDEAS

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