ABSTRACT
Complexity theory is a work in progress, with more to be done in determining whether and how the theory can be applied to the social world. This chapter discusses the possible implications for governance if the financial system, the broader economy, and other social systems such as the law are in fact complex systems that interact and impact the other. It relies much on the work of Cilliers and other complexity theorists who advocate diversity as necessary for either a robust complex system or a meaningful one. The chapter also discusses how the norms of procedural and substantive inclusion play out in financial regulation on the international level. The conundrum of financial regulation is well known. The Financial Stability Forum was disbanded and replaced by a larger Financial Stability Board. Furthermore, the G20 supported the quota and voice reforms contemplated by the International Monetary Fund, the most recent of which came into effect in 2015.
