Regulation and the Role of Law in Economic Crisis
This paper contributes to the current debate on responses to the financial crisis and the role of law in paving a way out of recession, by highlighting the persistence of market-centred theories that defined the state-market relationship before the crisis. The paper begins by discussing the concept of regulation itself and discusses the extent to which the ‘credit crunch’ has shaken belief in modern capitalism. The paper then offers a discussion on the relationship of deregulation to financial crisis, arguing that there is a direct link between the receding reach of the state and market instability, drawing analogies with previous instances of market failure, like the Great Depression. On the basis of this connection, a theoretical portrayal of perceptions of the role of law in modern capitalism is attempted, where the main message is that dominant, modern perceptions of the state-market relationship allow a role for regulation but still do not recognise the state as the legitimate author of such regulation, showing a preference for market-led solutions. The paper then tests these findings against state actions in response to the ‘credit crunch’ and concludes by offering the suggestion that while the current financial crisis has shown the limitations of modern capitalism, and while it is possible that a fundamental rethink of the role of the state in the market may take place as a consequence, this rethink has yet to materialise in policy proclamations and government aspirations on a global scale. 
“This financial system is no more! It has ceased to be! ‘It’s expired and gone to meet its maker! ‘It’s a stiff! Bereft of life, it rests in peace! If you hadn’t nailed ‘it to the tax payer’s perch it’d be pushing up the daisies! ‘Its metabolic processes are now ‘istory! ‘It’s off the twig! It’s kicked the bucket, it’s shuffled off its mortal coil, run down the curtain and joined the bleedin’ choir invisible!! THIS IS AN EX-FINANCIAL SYSTEM!!”
(Willem Buiter, 26 November 2008)
Fintech, Chain Transactions and Open Banking
This chapter shows that networks widely distribute both big data and fintech applications, allowing fintech firms to execute their activities all around the world. Furthermore, the unbundling of the intermediation process into chains of transactions is leading banking and financial activities outside the scope of supervision. Thus, this chapter investigates the reason fintech applications do not appear to be regulatory-neutral. It also investigates the ‘acts of fintech’ and the responsibility of individuals in developing network of operations and concludes by assessing the current need for transparency, with regard to both the circulation of financial information in the market and the mitigation of the bargaining power in bilateral transactions.
Techno-economic analysis of solar thermal power plants using liquid sodium as heat transfer fluid
Abstract Solar thermal power plants with central receiver and thermal storage are expected to be one key technology in future electricity generation, because they are renewable and due to the thermal storage independent of the current solar radiation. State-of-the-art solar power plants often use molten nitrate salts as heat transfer fluid. The use of liquid sodium instead leads to lower electricity generation costs. Sodium has a high thermal conductivity and thus large heat transfer rates are possible. Hence, a smaller absorber surface is sufficient for the same thermal power. As a result, the sodium receiver achieves a higher efficiency at lower investment cost. Additionally, the aiming strategy, which reduces the peak heat flux on molten salt receivers isn’t necessary for sodium. Even at high heat flux densities, the absorber tubes will be cooled sufficiently due to the high heat transfer coefficients. Therefore, the sodium receiver in this analysis is designed for one single aim point, resulting in a heat flux density of q mean = 1.06 MW / m 2 and q peak = 2.99 MW / m 2 . The state-of-the-art system with molten salt considers q mean = 0.51 MW / m 2 and q peak = 1.0 MW / m 2 . The presented techno-economic analysis of two sodium based concepts compared to a reference system with molten salt results in up to 16% lower electricity generation costs.