After the Great Complacence: Financial Crisis and the Politics of Reform

Hardcover | September 30, 2011

byEwald Engelen, Ismail Erturk, Julie Froud

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What is the relationship between the financial system and politics? In a democratic system, what kind of control should elected governments have over the financial markets? What policies should be implemented to regulate them? What is the role played by different elites - financial,technocratic, and political - in the operation and regulation of the financial system? And what role should citizens, investors, and savers play? These are some of the questions addressed in this challenging analysis of the particular features of the contemporary capitalist economy in Britain, the USA, and Western Europe. The authors argue that the causes of the financial crisis lay in the bricolage and innovation in financial markets,resulting in long chains and circuits of transactions and instruments that enabled bankers to earn fees, but which did not sufficiently take into account system risk, uncertainty, and unintended consequences.In the wake of the crisis, the authors argue that social scientists, governments, and citizens need to re-engage with the political dimensions of financial markets. This book offers a controversial and accessible exploration of the disorders of our financial capitalism and its justifications. Withan innovative emphasis on the economically 'undisclosed' and the political 'mystifying', it combines technical understanding of finance, cultural analysis, and al political account of interests and institutions.

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What is the relationship between the financial system and politics? In a democratic system, what kind of control should elected governments have over the financial markets? What policies should be implemented to regulate them? What is the role played by different elites - financial,technocratic, and political - in the operation and reg...

This book is written by an interdisciplinary team based at the ESRC funded Centre for Research on Socio Cultural change at the University of Manchester. The authors are collectively best known for their pioneering work on financialization including team written books such as J. Froud et al, Financialization and Strategy (2006), I. Ert...

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Format:HardcoverDimensions:296 pagesPublished:September 30, 2011Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0199589089

ISBN - 13:9780199589081

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Table of Contents

Introduction1. After the Great Complacence: the Challenge of the Undisclosed and the MystifiedSection I: Not as it seems: Financial Innovation and the Undisclosed2. Derivatives: Conjuncture, Bricolage, and Circuits3. Hedge Funds and Private Equity as War Machines4. Banking for Themselves: the Transaction Generating MachineSection 2: Beyond Democratic Control? Mystified Politics Before and After the Crisis5. Mystification Undermines Regulation Before 20076. Closure: Distributive Coalition vs. Democratic Opening7. In Charge? Political Classes and Technocratic ElitesConclusion8. What is To Be Done? Mobilising for Simpler, Sustainable Finance