U.S. domestic and international responses to the Second Great Contraction are widely regard-ed as a continuation of neoliberal politics. Current research underappreciates the variation that started with the U.S. Dodd-Frank-Act and has subsequently informed international insti-tutions (i.e. FSB, BIS) and policies that champion state involvement and the promulgation of the liability principle. Both concepts are seminal to ordoliberal, “Freiburg-School” politico-economic thought. Hence, I argue that a paradigm shift originated in the U.S. and was trans-ferred onto the international level. Empirically, I will conduct semi-structured interviews with relevant stakeholders and pool these with qualitative data on U.S. domestic and international financial reform. My coding will focus on the quality of regulation regarding the role of the state and the incorporation of risk by market participants. Ordoliberalism stands in between neoliberal and Keynesian approaches and enables us to clearly and, therefore, critically engage with politico-economic changes in the regulation of international finance.
