Democracy and Financial Order: Legal Perspectives
German Law Journal, Vol. 17, No. 5, 2016
204 Pages Posted: 19 Nov 2016
Date Written: October 4, 2016
This special issue assembles eight articles on the relationship between democracy and the financial order from various legal perspectives. Each article engages with the concept of law from a particular theoretical angle, be it a full-grown legal theory or an approach in political economy that has a particular view of the law.
We have arranged the special issue in order to reflect certain debates. Thus, the special issue begins with a debate between two contemporary German theories of law by Jürgen Habermas (Goldmann and Steininger) and Niklas Luhmann (Viellechner). Next is a transatlantic debate between rational choice conceptions of law (Towfigh) and ideas of constitutional pluralism (Avbelj). Different traditions of mostly Anglo-Saxon liberalism are reflected in the contribution by Suttle. Eventually, three contributions engage with conceptions of law in neoliberalism and ordoliberalism and the way they have shaped our perceptions of public finance, including budgetary rules, taxes, and money (Biebricher, Saffie, Feichtner).
To connect theory with life, each contribution elaborates its salient theoretical points by using an example of a particular case study or issue area that faces challenges in the aftermath of the financial crisis. Thus, while all articles address the law’s capacity to accommodate both democracy and capitalism, each individually contributes to the development of law and policy in a particular issue area. Topics range from sovereign debt issues (Goldmann and Steininger, Viellechner, Suttle) to budgetary restrictions (Biebricher), banking regulation (Avbelj), money and the ECB (Towfigh and Feichtner), and taxes (Saffie).
Keywords: International Law, Finance, Democracy, Democratic Theory, Central Bank, Financial Crisis, Sovereign Debt, European Monetary Union, Taxation, International Tax Law, Neoliberalism
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