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Markets On Trial : The Economic Sociology of the U.S. Financial Crisis - Michael Lounsbury

Markets On Trial

The Economic Sociology of the U.S. Financial Crisis

By: Michael Lounsbury (Editor), Paul M. Hirsch (Editor)

Hardcover Published: 7th July 2010
ISBN: 9780857242051
Number Of Pages: 348

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Since the mid-20th century, organizational theorists have increasingly distanced themselves from the study of core societal power centers and important policy issues of the day. This has been driven by a shift away from the study of organizations, politics, and society and towards a more narrow focus on instrumental exchange and performance. As a result, our field has become increasingly impotent as a critical voice and contributor to policy. For a contemporary example, witness our inability as a field to make sense of the recent U.S. mortgage meltdown and concomitant global financial crisis. It is not that economic and organizational sociologists have nothing to say. The problem is that while we have a great deal of knowledge about finance, the economy, entrepreneurship and corporations, we fail to address how the knowledge in our field can be used to contribute to important policy issues of the day. This double-volume brings together some of the very top scholars in the world in economic and organizational sociology to address the recent global financial crisis debates and struggles around how to organize economies and societies around the world.

"Bravo! Finally, a stellar group of economic sociologists speak out about the antecedents, processes, and consequences of the 2008 financial crisis. Markets on Trial ably combines sharp analytic insights with much needed policy recommendations. Viviana Zelizer, Lloyd Cotsen '50 Professor of Sociology, Princeton University, author of Economic Lives: How Culture Shapes the Economy". "Now that it's clear to just about everyone that there are institutions and organizations behind markets and that both have a major hand in market failures, who are you going to call? Organizational and economic sociologists of course! This book assembles scholars of significant repute from both fields with much to say about why we are where we are today. The messages are provocative and important. It's time to listen to the voices in this timely and important book. At the moment, this book should be on every thinking person's ""to read"" list. Stephen R. Barley, Richard Weiland Professor and Co-Director, Center for Work, Technology and Organization, Stanford University". Markets on Trial is an essential foundation for understanding the Great Recession of 2008-09, and for averting future financial catastrophes. Drawing on research by the era's premier economic sociologists, this volume makes a compelling case for seeing the subprime mortgage disaster, Lehman failure, and financial meltdown as predictable - and thus avoidable - products of free-market ideology, shareholder-value capitalism, misapplied agency-theory, corporate-elite fragmentation, and, ultimately, a massive failure of leadership. Michael Useem, Professor of Management and Director of the Center for Leadership and Change, Wharton School, University of Pennsylvania

List of Contributorsp. ix
Advisory Boardp. xiii
Acknowledgmentsp. xv
Introduction to the Special Two-Volume Set
Markets on Trial: Toward a Policy-Oriented Economic Sociologyp. 5
The Financial Crisis and Its Unfolding
The Anatomy of the Mortgage Securitization Crisisp. 29
The Structure of Confidence and the Collapse of Lehman Brothersp. 71
The Role of Ratings in the Subprime Mortgage Crisis: The Art of Corporate and the Science of Consumer Credit Ratingp. 115
Knowledge And Liquidity: Institutional and Cognitive Foundations of the Subprime Crisisp. 157
Terminal Isomorphism and the Self-Destructive Potential of Success: Lessons From Subprime Mortgage Origination and Securitizationp. 183
The Normal Accident Perspective
A Normal Accident Analysis of the Mortgage Meltdownp. 219
The Global Crisis of 2007-2009: Markets, Politics, and Organizationsp. 257
Regulating or Redesigning Finance? Market Architectures, Normal Accidents, and Dilemmas of Regulatory Reformp. 281
The Meltdown Was Not an Accidentp. 309
Introduction to the Special Two-Volume Set
Markets On Trial: Toward a Policy-Oriented Economic Sociologyp. 5
Historical Origins of the U.S. Financial Crisis
The Misapplication of Mr. Michael Jensen: How Agency Theory Brought Down The Economy and Why It Might Againp. 29
Neoliberalism in Crisis: Regulatory Roots of the U.S. Financial Meltdownp. 65
The American Corporate Elite and the Historical Roots of the Financial Crisis of 2008p. 103
The Political Economy of Financial Exuberancep. 141
Crisis Production: Speculative Bubbles and Business Cycles
The Institutional Embeddedness of Market Failure: Why Speculative Bubbles Still Occurp. 177
The Social Construction of Causality: The Effects of Institutional Myths on Financial Regulationp. 201
Mesoeconomics: Business Cycles, Entrepreneurship, And Economic Crisis In Commercial Building Marketsp. 245
Comparative Institutional Dynamics
Through The Looking Glass: Inefficient Deregulation in the United States and Efficient State Ownership in Chinap. 283
Precedence For the Unprecedented: A Comparative Institutionalist View of the Financial Crisisp. 313
A Future Society and Economy
After the Ownership Society: Another World is Possiblep. 331
Postscripts
What If We Had Been in Charge? The Sociologist as Builder of Rational Institutionsp. 359
The Future of Economics, New Circuits For Capital, and Re-Envisioning the Relation of State and Marketp. 379
Table of Contents provided by Ingram. All Rights Reserved.

ISBN: 9780857242051
ISBN-10: 0857242059
Series: Research in the Sociology of Organizations
Audience: Tertiary; University or College
Format: Hardcover
Language: English
Number Of Pages: 348
Published: 7th July 2010
Publisher: Emerald Publishing Limited
Country of Publication: GB
Dimensions (cm): 23.4 x 15.6  x 3.2
Weight (kg): 0.67