The Dark Side of Functional Differentiation
1. Auflage 2011,
Band: 9, 458 Seiten, Gebunden, HC gerader Rücken mit Schutzumschlag, Format (B × H): 161 mm x 240 mm, Gewicht: 877 g
Reihe: International Studies in the Theory of Private Law
Verlag: Hart Publishing
Febbrajo / Kjaer / Teubner The Financial Crisis in Constitutional PerspectiveThis volume presents the first thorough sociologically-informed legal analysis of the financial crisis which unfolded in 2008. It combines a multitude of theoretically informed analyses of the causes, dynamics and reactions to the crisis and contextualises these within the general structural transformations characterising contemporary society. It furthermore explores the constitutional implications of the crisis and suggests concrete changes to the constitutional set-up of contemporary society.
Although the question of individual responsibility is of crucial importance, the central idea animating the volume is that the crisis cannot be reduced to a mere failure of risk perception and management for which individual and collective actors within and outside of financial organisations are responsible. The 2008 crisis should rather be understood as a symptom of far deeper structural transformations. For example contemporary society is characterised by massive accelerations in the speed with which societal processes are reproduced as well as radical expansions in the level of globalisation. These transformations have, however, been asymmetrical in nature insofar as the economic system has outpaced its legal and political counterparts. The future capability of legal and political systems to influence economic reproduction processes is therefore conditioned by equally radical transformations of their respective operational forms and self-understanding. Potentially the 2008 crisis, therefore, has far-reaching constitutional implications.
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Poul F Kjaer
SECTION I: The Financial Crisis in a Systemic Perspective
1. A Constitutional Moment? The Logics of 'Hitting the Bottom'
2. Towards a General Theory of Function System Crises
SECTION II: Dynamics
Section II.1: The Breakdown of Expectations
3. The Financial Market Crisis—a Case of Network Failure?
4. Death by Complexity—the Financial Crisis and the Crisis of Law in World Society
5. Political Epidemiology and the Financial Crisis
Section II.2: Fundamental Crises of society
6. The Return of Crisis
7. The Culture Form of Crisis
8. What is a Crisis?
SECTION III: Reactions
Section III.1: Regulatory Reactions
9. Eroding Boundaries: On Financial Crisis and an Evolutionary Concept of Regulatory Reform
10. The Failure of Regulatory Institutions—a Conceptual Framework
Section III.2: Individual and Collective Reactions
11. Struggles for Law: Global Social Rights as an Alternative to Financial Market Capitalism
12. The Ethics of the Financial Crisis
Section III.3: Constitutional Transformation
13. The Future of the State
14. Law and Order within and Beyond National Configurations
Poul F Kjaer