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Doubling Down on a Transatlantic Financial Regulatory Regime City University of New York (CUNY) CUNY Academic Works All Dissertations, Theses, and Capstone Projects Dissertations, Theses, and Capstone Projects 9-2016 The Transatlantic Oarsmen Cooperative: Doubling Down on a Transatlantic Financial Regulatory Regime Joselyn Muhleisen The Graduate Center, City University of New York How does access to this work benefit ou?y Let us know! More information about this work at: https://academicworks.cuny.edu/gc_etds/1605 Discover additional works at: https://academicworks.cuny.edu This work is made publicly available by the City University of New York (CUNY). Contact: [email protected] THE TRANSATLANTIC OARSMEN COOPERATIVE: DOUBLING DOWN ON A TRANSATLANTIC FINANCIAL REGULATORY REGIME by JOSELYN MUHLEISEN A dissertation submitted to the Graduate Faculty in Political Science in partial fulfillment of the requirements for the degree of Doctor of Philosophy, the City University of New York 2016 © 2016 JOSELYN MUHLEISEN All Rights Reserved ii This manuscript has been read and accepted for the Graduate Faculty in Political Science in satisfaction of the dissertation requirement for the degree of Doctor of Philosophy Professor Ming Xia Date Chair of Examining Committee Professor Alyson Cole Date Executive Officer Professor Christa Altenstetter Professor Stephanie Golob Supervisory Committee THE CITY UNIVERSITY OF NEW YORK iii Table of Contents Glossary ............................................................................................................................. x Chapter 1: Introduction ................................................................................................... 1 Literature Review ....................................................................................................................... 6 Theory ........................................................................................................................................ 13 Empirical and Theoretical Contributions ............................................................................... 21 Statement of the Argument ..................................................................................................... 24 Research Design and Chapter Plan ........................................................................................ 24 Chapter 2: US Financial Regulatory Regime ............................................................... 33 Identifying Regulation ............................................................................................................. 34 Before and After the Financial Crisis ..................................................................................... 35 Financialization ........................................................................................................................ 45 Financialization of the Economic Sphere .............................................................................. 49 Financialization Ideology ....................................................................................................... 53 Financialization of the Social Sphere .................................................................................... 58 Network Salience ................................................................................................................... 72 Relationship of Regulators to Industry .................................................................................. 76 Conclusions ............................................................................................................................... 79 Chapter 3: EU Financial Regulatory Regime .............................................................. 81 Before and After the Financial Crisis ..................................................................................... 81 Financialization ........................................................................................................................ 91 Financialization of the Economic Sphere .............................................................................. 92 Financialization of the Social Sphere .................................................................................... 99 Network Salience ................................................................................................................. 112 EU Policymaking .................................................................................................................... 115 Relationship of Regulators to Industry ................................................................................ 121 Conclusions ............................................................................................................................. 124 Chapter 4: The International Financial Regulatory Regime and the Transatlantic Financial Regulatory Regime ....................................................................................... 126 The Financial Crisis as a Critical Juncture in the International Regulatory Regime ..... 126 Transatlantic Cooperation ..................................................................................................... 133 Post-War Transatlantic Cooperation: From Supportive to Competitive .............................. 134 EU and US: Divergent Regulatory Approaches .................................................................. 138 Mid 1990s: Renewing Economic Cooperation .................................................................... 140 Since 2008: Emergence of a Stronger Transatlantic Regulatory Regime ............................ 142 Origins of Regulatory Cooperation ...................................................................................... 142 Transatlantic Financial Regulatory Regime After the Financial Crisis ........................... 149 Conclusions ............................................................................................................................. 154 Chapter 5: The TTIP: Reorienting the Transatlantic Regulatory Regime ............. 156 Industry as a Part of Civil Society? ...................................................................................... 159 Institutionalization of Industry as Civil Society .................................................................. 172 Government Support for a Transatlantic Financial Regulatory Regime ......................... 186 Transatlantic Trade and Investment Partnership .................................................................. 190 Conclusions ............................................................................................................................. 193 Chapter 6: Conclusions ................................................................................................ 195 The Transatlantic Oarsmen Cooperative ............................................................................. 195 Broader Implications of the Oarsman State ........................................................................ 201 iv An Epilogue: Brexit ................................................................................................................ 205 Appendix 1 ..................................................................................................................... 208 Appendix 2 ..................................................................................................................... 210 Appendix 3 ..................................................................................................................... 211 Appendix 4 ..................................................................................................................... 212 Appendix 4 ..................................................................................................................... 213 Appendix 5 ..................................................................................................................... 214 Appendix 6 ..................................................................................................................... 217 References ...................................................................................................................... 226 v List of Figures Figure 1: Steering and Rowing Roles ............................................................................... 12 Figure 2: Transatlantic Regulatory Regime ...................................................................... 16 Figure 4: Pre-Crisis US Financial Regulatory Regime Map ............................................ 43 Figure 5: Post-Crisis US Financial Regulatory Regime Map ........................................... 44 Figure 6: Rentier Income Share and Non-Financial Sector Profit Share: US GDP 1960- 2000........................................................................................................................... 51 Figure 7: Owners' Equity in Real Estate as a Percentage of Household Real Estate ....... 63 Figure 8: Pre-Crisis EU Financial Regulatory Regime ..................................................... 83 Figure 9: Post-Crisis EU Financial Regulatory Regime Map ........................................... 89 Figure 10: Financial and Insurance Activities as a Percentage of EU Member State GDP, 2013........................................................................................................................... 93 Figure 11: Financial and Insurance Activities as Percentage of EU Member State GDPs, 1995, 2009, 2013......................................................................................................
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