The Turner Review: A verbose attempt at curbing the cycle
Chambers, C. (2009) The Turner Review: A verbose attempt at curbing the cycle. Business Law Review, 30 (7). pp. 158-160. ISSN 0143-6295
Publisher's URL: http://www.kluwerlaw.com
This article explores the 28 recommendations posed by the Turner Review to ensure that the current economic crisis does not occur again. It sets them within the context of the debate on economic procyclicality, noting that, in economic history, financial crises are the main method of promulgating financial regulation and, furthermore, that economic history is shaped by the economic ‘boom and bust’ of the procyclicality of industry. The Review is largely criticized by the author because of the manner in which it aims to curb the economic cycle and, in turn, capitalism. This paper then explores the FSA Discussion Paper 09/2 which was published on the same day as the Turner Review and is to be read in conjunction with the Review. It deals with the ‘Regulatory Response to the Global Banking Crisis’. Finally the author evaluates reaction to the Review.
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