Governance and financial risk in the neoliberal era

Abstract

This article analyzes the increase in the incidence and depth of financial risk in the neoliberal era. Changes in financial systems have not only complicated governability, but have also led to several perverse interactions between risk and governability. This dynamic emerges from an examination of the of the evolution of financial risk and governability in contemporary history. This article studies the situations and contexts regarding financial risk and governability from the beginning of the Bretton Woods, through the end of the 1970s and on to the emergence of the subprime crisis. The implications of this history on the future of financial governability is also examined.