Addressing Government Failure Through International Financial Law

20 Pages Posted: 8 Dec 2012

See all articles by Steve Charnovitz

Steve Charnovitz

George Washington University - Law School

Date Written: 2010

Abstract

This article discusses the recent financial crisis and argues that the government’s actions contributed to the collapse as much as market failure did. The article also notes that preventive and cleanup measures need to be instituted and the economy needs to be made more resilient so that it can survive temporary credit crises. These goals can be accomplished by increasing competitiveness, renewing trade liberalization, eliminating subsidies for domestic products, and avoiding demagoguery. Finally, international institutions should play a role in financial regulation; specifically, the international community should some of the WTO and ILO’s techniques. I conclude by noting that effective regulation of financial markets must address both market and government failure.

Keywords: financial crisis, market failure, government failure, regulation, WTO, ILO, Dodd-Frank Act

JEL Classification: G18, K20, G10

Suggested Citation

Charnovitz, Steve, Addressing Government Failure Through International Financial Law (2010). 13 Journal of International and Economic Law 743 (2011), GWU Legal Studies Research Paper No. 2012-138, GWU Law School Public Law Research Paper No. 2012-138, Available at SSRN: https://ssrn.com/abstract=2186547

Steve Charnovitz (Contact Author)

George Washington University - Law School ( email )

2000 H Street, N.W.
Washington, DC 20052
United States

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