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

Author

Listed:
  • Engelen, Ewald

    (University of Amsterdam)

  • Erturk, Ismail

    (Centre for Research in Socio-Cultural Change and Manchester Business School, University of Manchester)

  • Froud, Julie

    (Centre for Research in Socio-Cultural Change and Manchester Business School, University of Manchester)

  • Johal, Sukhdev

    (Department of Management, Royal Holloway)

  • Leaver, Adam

    (Centre for Research in Socio-Cultural Change and Manchester Business School, University of Manchester)

  • Moran, Mick

    (Centre for Research in Socio-Cultural Change and Manchester Business School, University of Manchester)

  • Nilsson, Adriana

    (Post-Doctoral Fellow, Centre for Research in Socio-Cultural Change and Manchester Business School, University of Manchester)

  • Williams, Karel

    (Centre for Research in Socio-Cultural Change and Manchester Business School, University of Manchester)

Abstract

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. With an 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.

Suggested Citation

  • Engelen, Ewald & Erturk, Ismail & Froud, Julie & Johal, Sukhdev & Leaver, Adam & Moran, Mick & Nilsson, Adriana & Williams, Karel, 2011. "After the Great Complacence: Financial Crisis and the Politics of Reform," OUP Catalogue, Oxford University Press, number 9780199589081.
    • Handle: RePEc:oxp:obooks:9780199589081
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    Citations

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    Cited by:

    1. Alan Walks & Brian Clifford, 2015. "The political economy of mortgage securitization and the neoliberalization of housing policy in Canada," Environment and Planning A, , vol. 47(8), pages 1624-1642, August.
    2. Dariusz Wójcik & Stefanos Ioannou, 2020. "COVID‐19 and Finance: Market Developments So Far and Potential Impacts on the Financial Sector and Centres," Tijdschrift voor Economische en Sociale Geografie, Royal Dutch Geographical Society KNAG, vol. 111(3), pages 387-400, July.
    3. Thiemann Matthias, 2016. "The Power of Inaction or Elite Failure? A Comment on Woll’s “The Power of Inaction”," Accounting, Economics, and Law: A Convivium, De Gruyter, vol. 6(1), pages 31-45, March.
    4. Daniel Albalate & Germà Bel & Eoin Reeves, 2019. "“Easier said than done: Understanding the implementation of re-municipalization decisions and associated delays.”," IREA Working Papers 201917, University of Barcelona, Research Institute of Applied Economics, revised Oct 2019.
    5. Chris Muellerleile, 2013. "Turning Financial Markets inside Out: Polanyi, Performativity and Disembeddedness," Environment and Planning A, , vol. 45(7), pages 1625-1642, July.
    6. David Bassens & Michiel van Meeteren & Ben Derudder & Frank Witlox, 2013. "No More Credit to Europe? Cross-Border Bank Lending, Financial Integration, and the Rebirth of the National Scale as a Credit Scorecard," Environment and Planning A, , vol. 45(10), pages 2399-2419, October.
    7. Clément Fontan Fontan & Emmanuel Carré & Guillaume L'Oeillet, 2018. "Theoretical perspectives on the new era of central banking," Post-Print halshs-01866838, HAL.
    8. Batiz-Lazo, Bernardo & Martínez-Rodríguez, Susana, 2022. "Gender and the financialization of Spanish retail banking, 1949-1970," MPRA Paper 114629, University Library of Munich, Germany.
    9. Paul Langley & Andrew Leyshon, 2023. "FinTech platform regulation: regulating with/against platforms in the UK and China," Cambridge Journal of Regions, Economy and Society, Cambridge Political Economy Society, vol. 16(2), pages 257-268.
    10. Patrick Emmenegger, 2017. "Swiss banking secrecy and the problem of international cooperation in tax matters: A nut too hard to crack?," Regulation & Governance, John Wiley & Sons, vol. 11(1), pages 24-40, March.
    11. Beckert, Jens, 2017. "Die Historizität fiktionaler Erwartungen," MPIfG Discussion Paper 17/8, Max Planck Institute for the Study of Societies.
    12. Erturk, Ismail & Froud, Julie & Johal, Sukhdev & Leaver, Adam & Williams, Karel, 2012. "Accounting for national success and failure: Rethinking the UK case," Accounting forum, Elsevier, vol. 36(1), pages 5-17.
    13. Ergen, Timur & Suckert, Lisa, 2021. ""Crises" as catalysts for more sustainable futures? The case of the first oil crisis and the role of multilayered interpretative struggles," economic sociology. perspectives and conversations, Max Planck Institute for the Study of Societies, vol. 22(2), pages 15-23.
    14. Shanti Chakravarty & Anthony Dobbins & Lynn Hodgkinson, 2013. "Poverty of Agency Theory and Poverty of Managerial Practice: The Royal Bank of Scotland Fiasco," Working Papers 13013, Bangor Business School, Prifysgol Bangor University (Cymru / Wales).
    15. Manuel B Aalbers & Ewald Engelen & Anna Glasmacher, 2011. "‘Cognitive Closure’ in the Netherlands: Mortgage Securitization in a Hybrid European Political Economy," Environment and Planning A, , vol. 43(8), pages 1779-1795, August.
    16. Kean Birch & Vlad Mykhnenko, 2014. "Lisbonizing versus Financializing Europe? The Lisbon Agenda and the (un)Making of the European Knowledge-Based Economy," Environment and Planning C, , vol. 32(1), pages 108-128, February.
    17. Nathan Coombs, 2017. "Bringing financial regulation back down to earth," Work, Employment & Society, British Sociological Association, vol. 31(1), pages 197-200, February.
    18. Froud, Julie & Tischer, Daniel & Williams, Karel, 2017. "It is the business model… Reframing the problems of UK retail banking," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 42(C), pages 1-19.
    19. Campbell-Verduyn Malcolm, 2016. "Merely TINCering around: the shifting private authority of technology, information and news corporations," Business and Politics, De Gruyter, vol. 18(2), pages 143-170, August.
    20. Penet, Pierre, 2016. "The IMF failure that wasn't: tournaments of conditionality and strategic ignorance during the european debt crisis," Working Papers unige:88327, University of Geneva, Paul Bairoch Institute of Economic History.
    21. Mike Savage, 2021. "Bourdieu Comes to Town: Part II," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 45(1), pages 150-153, January.

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