Regulatory Worlds

Regulatory Worlds

Cultural and Social Perspectives when North Meets South

Mark Findlay and Lim Si Wei

This ambitious book takes up the grand challenge to design regulatory thinking for a global future beyond wealth and growth, and towards social sustainability. Assuming a ‘South World’ perspective on market regulation and social sustainability, the authors present the options and possibilities for radically repositioning regulatory principle.

Chapter 3: Social embeddedness and market economies

Mark Findlay and Lim Si Wei

Subjects: development studies, asian development, development studies, law - academic, regulation and governance, politics and public policy, regulation and governance


As discussed in the preceding chapter, a focus of this book is to develop and employ empirical and theoretical research in relation to South World regulatory arrangements, in order to propose alternative regulatory strategies that can, we argue, resolve problems with global regulation which have revealed themselves over the last decade. Having established in this chapter the nexus between social embeddedness and the organic regulatory form that we see as imbuing principle within socially sustainable regulatory actions, we further explore the concept of embeddedness as it applies in particular to the market societies. We do this as a precursor to a more focused consideration of law’s function in regulating private property relations which underpin North World market economies, and while currently aggravating social dis-embeddedness as we see it, if influenced by repositioned regulatory principle may act as agents for social bonding (see chapters 4 and 7). We begin this chapter with an examination of the recent global financial meltdown, and more specifically the numerous incidences of crisis that followed. With the subprime mortgage crisis, the Lehman Brothers collapse in 2008, and the Eurozone sovereign debt implode in 2009, it could now be convincingly argued that the market society, which Karl Polanyi identified as emerging along with Western industrialization,is crumbling.

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