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The American Corporate Elite and the Fincancial Crisis of 20

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Johanne Skeie

on 19 March 2014

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Transcript of The American Corporate Elite and the Fincancial Crisis of 20

The American Corporate Elite and the Financial Crisis of 2008
Part 1, a: Reasons for the Housing Bubble collapse
"Securitization Food Chain" - [Inside Job,

Introduction of "Collateralized Debt Obligations" (CDO)

CDO's popular with retirement funds

Corporations acting in interests of short term profit

Part 1, b: Reasons for corporate elite
From moderate to conservative
Relatively active state
Strong labor movement
Financial community had a mediating role

Moved to
Not active state
Weakened labor unions
Commercial banks becoming like investment banks
Part 2, a: Analysis of methods

Sociological methods:

Qualitative methods, rather than Quantitative

Historical Sociology: references to Karl Marx

Attempts to provide Axiological Neutrality.

The text explains to what extent the fragmentation and the decline of the corporate elite caused economic crisis in the United States, through qualitative reasoning and historical referencing.
How does Mark S. Mizruchi analyze the corporate elite and the financial crisis through a sociological perspective rather than a macroeconomic one?

In particular his treatment of the corporate elite as a cause of the crisis and the author’s methodology in assessing this.
Part 2, b: Discussion of methods
Arguments and methodology very similar to other social sciences
Indirect argument: economy better off with a state that regulates the economy.
Axiological neutrality
Mark S. Mizruchi
"The American Corporate Elite and the Historical Roots of the Financial Crisis of 2008"
Part 1: Reasons for the crisis
A) Accepted reason for the crisis of 2008
B) Corporate elite as a reason
Part 2: Author's methodology
A) Methodology
B) Final argument and axiological neutrality
Full transcript