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Responding to terrorism and achieving stability in the global financial system: rational policy or crisis reaction?

Jon Mills (Professor of Law and Dean Emeritus, University of Florida Levin College of Law)
Robert Ware III (PhD, JD, University of Michigan, USA)

Journal of Financial Crime

ISSN: 1359-0790

Article publication date: 1 October 2004

Abstract

Discusses how stability has become a value of civilisation and supposedly an effect of global interconnectedness, though the terrorist attacks of 2001 indicate that destabilisation is also possible. Explores the nature of stability, how it relates to the global financial system and to the rule of law. Goes on to the nature of terrorism and how it compares with organised crime and white‐collar crime in terms of risk and adherence to the rule of law. Outlines how the law is responding to the threats to stability, including the USA PATRIOT Act, the 2002 Terrorism Risk Insurance Act, and suggests how terrorist activity may be predicted. Compares the financial losses from terrorism with those from natural disasters, and describes private business’s use of risk management. Indicates why anti‐terrorist measures are likely to be of limited effect, and the risks of legal reforms against terrorism: these include restrictions on human rights and privacy.

Keywords

Citation

Mills, J. and Ware, R. (2004), "Responding to terrorism and achieving stability in the global financial system: rational policy or crisis reaction?", Journal of Financial Crime, Vol. 11 No. 4, pp. 380-396. https://doi.org/10.1108/13590790410809338

Publisher

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Emerald Group Publishing Limited

Copyright © 2004, Emerald Group Publishing Limited