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The Bank Culture DebateEthics, Values, and Financialization in Anglo-America$
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Huw Macartney

Print publication date: 2019

Print ISBN-13: 9780198843764

Published to Oxford Scholarship Online: October 2019

DOI: 10.1093/oso/9780198843764.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 20 September 2021

Bank Culture

Bank Culture

Behaviour and Ethics, or Financialization?

(p.23) 2 Bank Culture
The Bank Culture Debate

Huw Macartney

Oxford University Press

This chapter expands on the two explanations for bank culture. Firstly, it explores the idea that culture is determined by financial and non-financial incentives, and values. Secondly, the chapter explores the financialization of Anglo-America. It argues that financialization stemmed from a crisis of accumulation in the post-war economy, but came to reshape a full range of financial and non-financial corporate activities. It explains though that financialization breeds instability and inequality, and that Anglo-American banks exploit and exacerbate these conditions. This is the argument that will be developed more fully in coming chapters, in order to understand the more significant determinants of ‘bad’ bank culture.

Keywords:   culture, ethics, financialization, market-based banking, inequality, household debt, bank bonuses, rent-seeking

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