The Securitization Machine and 2007 Financial Crisis: How the Shareholder-Value Ideology of Corporate Bureaucracy Fooled Us Again
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2012
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Swarthmore College. Dept. of Sociology & Anthropology
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Thesis (B.A.)
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en_US
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Full copyright to this work is retained by the student author. It may only be used for non-commercial, research, and educational purposes. All other uses are restricted.
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Abstract
In this thesis I will argue that the major investment banks, by virtue of being bureaucratic
corporations, not only allowed, but also required and trained, their individuals to convince themselves that self-interested and short-sighted actions were not a major risk for their firms and society at large. I explore this claim using the accounts of journalists and social scientists, and the theories of Max Weber on rationality and bureaucracy. The logic and language of the current shareholder value, played in important role in disguising the conflict, and is something that makes studying this crisis very difficult. The engine of crisis, the securitization machine, may continue on a new form, but there some people who have started recognize the dangers produced corporate bureaucratic thinking and shareholder value.