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The role of the State in (and after) the financial crisis



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YALE LAW SCHOOL WORKSHOP ON COMPARATIVE ADMINISTRATIVE LAW MAY 7 9 2009 Giulio Napolitano Professor of Public Law Roma Tre University Department of Public Institutions Economics and Society gnapolitano uniroma3 it THE ROLE OF THE STATE IN AND AFTER THE FINANCIAL CRISIS NEW CHALLENGES FOR ADMINISTRATIVE LAW draft 09 05 04 1 Giulio Napolitano The role of the State in and after the financial crisis New challenges for administrative law Contents 1 The economic institutions of the crisis and the two sides of administrative law 2 Changing patterns 2 1 The rediscovery of market failures 2 2 The new economic role of the State 3 How governments respond 3 1 The bailout programs 3 2 The stimulus packages 3 3 The regulatory reforms 4 The economic emergency Constitution 4 1 The delegation game in the economic emergency 4 2 Building up a public law framework the political accountability model 4 3 The administrative procedure model 5 New challenges for administrative law after the financial crisis 1 The economic institutions of the crisis and the two sides of administrative law Any relevant financial and economic crisis has a deep impact on administrative law rules and institutions This is exactly what happened at the time of Wall Street crash in 1929 All over the world the result was the rise of the biggest systems of administrative law history ever experienced In the United States the New Deal represented an extraordinary chance for the expansion of the Regulatory State both in economic and social dimension In European countries the government response to the crisis was the nationalization of banks and utilities and the establishment of a planned economy in many markets On both sides of the Atlantic the economic institutions of the crisis lasted for almost fifty years till the deregulation and privatization programs of the 1980s and the 1990s The Great Depression of the 1930s had a deep and long lasting impact on both sides of administrative law The first one concerns the role



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