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The American Corporate Elite and the Fincancial Crisis of 20
Transcript of The American Corporate Elite and the Fincancial Crisis of 20
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
Not active state
Weakened labor unions
Commercial banks becoming like investment banks
Part 2, a: Analysis of 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.
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
B) Final argument and axiological neutrality