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Righting Socio-Economic Wrongs in Times of Financial and Economic Crisis

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Chapter Summary

The financial crisis, which began in 2007 and is still ongoing, is often cited as the worst since the Wall Street Crash of the 1930s. The first section of this chapter reflects on the overall impact of the financial crisis on social and economic rights with reference to the gulf between the financial sector and the protection of international human rights. It concludes with some thoughts on the impact of the bond market on sovereign borrowing and government spending. The second section of the chapter discusses the implications arising from public finance and the 'socialisation' of financial sector losses by many governments, particularly in Western liberal democracies. The final section of the chapter considers the prospects for balancing government regulation against financial sector regulation with the aim of righting some of the socio-economic 'wrongs' that have come about as a result of the recent financial crisis.

Keywords: bond market; financial crisis; international human rights; socialisation; socio-economic wrongs; Western liberal democracies



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