Groundhog Day: elite power, democratic disconnects and the failure of financial reform in the UK
Workaround: In current version of Panels 3.8, it seems this body field needs to be populated in order for title above to appear. This note is hidden by custom CSS style. Jack Latimer.
This paper starts from a paradox: the post 2008 financial crisis is the most profound financial and regulatory crisis in the UK since before the First World War and yet it has (so far) produced negligible reforms like the Vickers proposals for ring fencing. Because, in terms of fundamental principles and priorities, the UK is trapped in a groundhog day kind of time loop with elite politicians still biased in favour of finance .. Our explanation is two fold. First, finance wins because the crisis has strengthened the power of conservative financial, bureaucratic and political elites within our governing structures. Second, a series of democratic disconnects have disempowered the critics of finance in the technocracy and civil society who have been unable to turn popular hostility into effective reform of finance. The disconnects are such that, after the decline of the mass parties, it is difficult to convert the radical technocratic agenda or civil society activism into effective policy reform. Reform will be postponed until some means is found of linking programmatic action with civil society discontent.201111108