Normative Implications of the Subprime-Mortgage Crisis

(Manuel Wörsdörfer)

The present global economic and financial crisis has caused a shift in the parallelogram of forces connecting market and state.  The Smithian confidence in the self-regulating capabilities of the market seems to be shaken.  The somewhat exaggerated “neoliberal” faith in market forces that until recently prevailed has given way to a likewise exaggerated faith in the state’s regulatory powers.  Thus we have seen an unforeseen renaissance in regulatory policy and the ordering power of the state.  The goal of the panel is to evaluate on the basis of the ordoliberal research program the systemic character of global economic crises—i.e. their causes, processes, and implications—and in such a manner to make a contribution to current politico-economic debates at a European and international level.

The panel is mainly concerned with the following questions: Can analogies between the financial and world economic crisis of 1929-1933 and today’s crisis be identified?  Is a (re-) assessment of the relationship between market and state, and between Smithian, Keynesian, and Marxist economic policy necessary?  In what respect can recommendations for a European regulatory policy be derived?  And finally: How might international financial institutions be reformed to achieve a sustainable adjustment of the financial markets, and what would those reforms look like?

Samstag, 24.10.
IG Farben-Gebäude 457

9.00-9.30 Uhr   
Carsten Burhop (Bonn): Rechtsnormänderungen und die Finanzmarktkrise von 1873

9.30-10.00 Uhr   
Nils Goldschmidt (München): Die geldtheoretischen und geldpolitischen Vorstellungen im Ordoliberalismus

10.00-10.30 Uhr   
Diskussion

10.30-10.45 Uhr   
Kaffeepause

10.45-11.15 Uhr   
Oliver Arentz (Köln): Genese von Blasen auf Märkten – eine Untersuchung am Beispiel des US-amerikanischen Immobilienmarktes

11.15-11.45 Uhr   
Myrto Pavlidis (Frankfurt): Are there Tendencies for Protectionism or Regionalism in Times of Financial Stress? An Empirical Investigation

11.45-12.15 Uhr   
Diskussion

12.15-14.00 Uhr   
Mittagspause

14.00-14.30 Uhr   
Joachim Zweynert (Hamburg): Das Ende des Neoliberalismus? Anmerkungen zur Krise aus ordnungspolitischer Sicht

14.30-15.00 Uhr:   
Florian Möslein (Berlin): Contract Governance und Corporate Governance im Zusammenspiel: Lehren aus der globalen Finanzkrise

15.00-15.30 Uhr   
Diskussion

15.30-15.45 Uhr   
Kaffeepause

15.45-16.15 Uhr   
Wolf-Gero Reichert (Frankfurt): Das Ethos des Investmentbankings und seine Implikationen für eine prudentielle Regulierung

16.15-16.45 Uhr   
Thorsten Busch (St. Gallen)/Alexander Lorch (St. Gallen): Wachstumszwang und Krise: Ordnung und Bürgersinn zusammen denken

16.45-17.15 Uhr   
Diskussion

Diskutanten: Thorsten Fath (Frankfurt), Ekkehard Köhler (Freiburg), Helge Peukert (Erfurt), Johannes Zoephel (Frankfurt)