The “Smart” Regulatory Framework

The “Smart” Regulatory Framework

DOI: 10.4018/978-1-4666-5950-6.ch004
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Abstract

Based on the recognition that neither the command-and-control nor the self-regulation mode based regulation can accommodate the ever growing complexity of the financial market, this chapter argues that a new regulatory regime is needed. This chapter discusses the four theoretical concepts -- governmentality, reflexivity, responsive regulation and ‘smart’ regulation – that anchor a proposed alternative “smart” regulatory framework.
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Governmentality

The discussion of the new 'smart' regulatory paradigm begins with the notion of Governmentality (Foucault 1978, 1980, 1983, 1991; Dean, 1999). This approach details the manner in which notions of state and society emerge through a reflective process. This analysis of and reflection upon government practice delivers a rationalisation of the exercise of power. Further, as old notions of equitable equilibrium or justice give way to new notions of political economy, questions of governing “too much” or “too little” come to the fore in an exploration of the implications of governmentality for the role neo-liberalism assigns to the state.

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