Prabhu Guptara, a noted business professor and specialist on long-term global trends, offers a wide-reaching plan for overhauling financial regulation.

The Obama administration’s proposals preserve and even increase the multiplicity of regulation and regulatory bodies. This will continue to mean regulatory confusion, enabling American companies to continue to move to the least regulated part of the economy.

As is so clearly demonstrated by the failure of the President’s Working Group on Financial Markets to fulfill its mandate of preventing the present crisis, coordination between competing fiefdoms rarely happens because of the existence of a talk shop or club of the powerful, let alone because of the amorphous desire of the public or of the market.

Coordination can only happen if it is legally demanded and institutionally imposed, not if the number of members in the club is merely beefed up, as proposed by the administration at present. Read more…

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