Beyond the neoliberal orthodoxy: Alternative financial policy regimes in Asia's financial centers

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Abstract

This article conceptualizes the financial policy regimes of London, Hong Kong, Singapore and Shanghai, in the process of comparing and contrasting the sociopolitical relations that exist within the four cities. Based on the data collected from extensive field research, I identify four distinct financial policy regimes. First, a combination of low state intervention and influential industry actors in London reflects a financial policy regime that features dominant industry interest groups. While Hong Kong similarly features low state intervention, its industry actors are not influential. In contrast, financial sector development in Singapore features a 'cocreation' of financial policies by a close-knit network of state and industry actors. Lastly, Shanghai's financial policy regime is largely dominated by state actors from both the central and local levels. By delineating and analyzing the policy regimes of the four international financial centers (IFCs), this article provides the first step toward a clearer and more critical understanding of how sociopolitical relations impact IFC development. In the process, it extends the analysis of IFCs beyond conventional neoliberal understandings of economic development. Copyright © 2015 Institute of Local Government Studies, University of Birmingham.
Original languageEnglish
Pages (from-to)297-316
JournalCritical Policy Studies
Volume9
Issue number3
Early online dateApr 2015
DOIs
Publication statusPublished - Jul 2015

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Citation

Woo, J. J. (2015). Beyond the neoliberal orthodoxy: Alternative financial policy regimes in Asia's financial centers. Critical Policy Studies, 9(3), 297-316. doi: 10.1080/19460171.2015.1005110

Keywords

  • International financial centers
  • Policy regimes
  • Financial policy
  • Financial sector development
  • Public policy
  • Politics and policy