Melvin J. Dubnick

Professor of Political Science
University of New Hampshire

Professor Emeritus, Rutgers University-Newark
Email: or
(Please allow popup to view email address)
Accountability, Adam Smith and Policy Choice
In World Financial Markets

Prepared for Presentation at
WEF/ESRC Workshop on
Incentives and Governance in Global Finance
July 18-20, 2008
Radcliff House, University of Warwick

The central question is why there is a preference for accountability solutions in response to financial market problems. In the process of dealing with the issue I explore an alternative to the Rational Choice Theory models that currently dominate approaches to questions such as this one. This leads me to Adam Smith's Theory of Moral Sentiments as the basis of a possible alternative model which is loosely developed and applied here to discussions of financial panics and the challenges of globalization.

Draft: Do not cite or quote without permission of author: