Jump to ContentJump to Main Navigation
After the Great ComplacenceFinancial Crisis and the Politics of Reform$
Users without a subscription are not able to see the full content.

Ewald Engelen, Ismail Ertürk, Julie Froud, Sukhdev Johal, Adam Leaver, Mick Moran, Adriana Nilsson, and Karel Williams

Print publication date: 2011

Print ISBN-13: 9780199589081

Published to Oxford Scholarship Online: January 2012

DOI: 10.1093/acprof:oso/9780199589081.001.0001

Show Summary Details
Page of

PRINTED FROM OXFORD SCHOLARSHIP ONLINE (www.oxfordscholarship.com). (c) Copyright Oxford University Press, 2019. All Rights Reserved. Under the terms of the licence agreement, an individual user may print out a PDF of a single chapter of a monograph in OSO for personal use (for details see www.oxfordscholarship.com/page/privacy-policy).date: 25 May 2019

After the Great Complacence

After the Great Complacence

Chapter:
(p.12) Chapter 1 After the Great Complacence
Source:
After the Great Complacence
Author(s):

Ewald Engelen

Ismail Ertürk

Julie Froud

Sukhdev Johal

Adam Leaver

Michael Moran

Adriana Nilsson

Karel Williams

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199589081.003.0002

The chapter makes the case for framing the crisis as an elite debacle. The first section focuses on the informal pre-2007 elite story about the benefits of financial innovation, told in the period of what we call the Great Complacence when central bankers, regulators, and senior economists repeated the same reassuring but ill-founded stories about the benefits of financial innovation and the ‘Great Moderation’. The second section justifies the term debacle by presenting some political arithmetic about the form and nature of the catastrophe after 2008 and the wider consequences of the crisis and bail out. The chapter argues that we need a new and different politico-cultural approach to present-day capitalism if we are to understand the origins of the debacle in the operations of unregulated finance and the subsequent frustration of reform.

Keywords:   Great Complacence, Great Moderation, financial crisis, elite stories, financial innovation, financial reform, econocrats, technocrats, debacle, Ben Bernanke

Oxford Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs , and if you can't find the answer there, please contact us .