Financial governance and transnational deliberative democracy

Recent concern with the institutional underpinning of the international financial architecture has intersected with broader debates concerning the possibility of achieving an adequate deliberative context for decisions involving transnational economic governance. Scholars working within traditions a...

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Bibliographic Details
Published in:Review of international studies 2010-04, Vol.36 (2), p.493-509
Main Author: GERMAIN, RANDALL
Format: Article
Language:English
Subjects:
Arbitrage
Architecture
Capital structure
Debates
Deliberation and global governance
Deliberative Democracy
Democracy
Economic growth
Finance
Financial institutions
Financial management
Financial markets
Globalization
Governance
Government
International finance
Personal finance
Political debate
Political Economy
Public Sphere
Reasoning
Securities markets
Self interest
Transnationalism
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Summary:Recent concern with the institutional underpinning of the international financial architecture has intersected with broader debates concerning the possibility of achieving an adequate deliberative context for decisions involving transnational economic governance. Scholars working within traditions associated with international political economy, deliberative democracy, cosmopolitanism and critical theory have informed this broader debate. This article uses this debate to ask whether the structure of financial governance at the global level exhibits the necessary conditions to support deliberative democracy. In particular, it considers the extent to which publicness and a public sphere have become part of the broader structure of financial governance. Although in some ways financial governance is a hard case for this debate, an argument can be made that a public sphere has emerged as an important element of the international financial architecture. At the same time, the analysis of the role of the public sphere in financial governance reveals important lessons which public sphere theorists and deliberative democracy advocates need to consider in order to extend their analysis into the realm of global political economy.
ISSN:0260-2105
1469-9044
DOI:10.1017/S0260210510000124