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Roughly 2,500 years ago, the Athenian people established a radical democracy in which power derived from the votes of ordinary citizens. At a time when local governments ranged from oligarchy to tyranny, the elite classes of Athens gradually ceded power to the inexperienced masses, whose votes served as referendums for everything from taxation to war to welfare. The sequence of events that led to this development is astonishing, and the society that flourished under Athenian democracy is one of the greatest-even if greatly flawed-achievements in world history.

This book discusses the relationship between democracy and the financial order from various legal perspectives. Each of the nine contributions adopts a unique perspective on the legal and political challenges brought to the fore by the Global Financial Crisis. This crisis and the ensuing sovereign debt crisis in Europe are only the latest in a long series of financial crises around the globe in recent decades.