The five chapters in Part I explore the failures of corporate governance that contributed to the global financial crisis, with a focus on examining the limitations of the market-oriented approach to corporate governance, which in a broad sense is characterized by deregulation, self-regulation, the market for corporate control and other market discipline mechanisms. Thomas Clarke begins by examining the specifically corporate governance causes of the global financial crisis. He identifies the origins of the crisis in the enthusiasm for deregulation of financial institutions and markets, resulting in the rapid growth of securitization. The huge explosion of global derivatives set the context in which risk management and corporate governance were abandoned by major financial institutions. The rating agencies and executive incentives played roles in encouraging rather than managing risk. He suggests that international efforts to coordinate a regulatory response to the crisis should be considered.