"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.
[For a more studied (i.e., corrected) version of my take on Smith and accountability see my 2010 paper: