Jump to ContentJump to Main Navigation
The Bank Culture DebateEthics, Values, and Financialization in Anglo-America$
Users without a subscription are not able to see the full content.

Huw Macartney

Print publication date: 2019

Print ISBN-13: 9780198843764

Published to Oxford Scholarship Online: October 2019

DOI: 10.1093/oso/9780198843764.001.0001

Show Summary Details
Page of

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: 23 September 2021

Culture and Legitimacy

Culture and Legitimacy

(p.48) 3 Culture and Legitimacy
The Bank Culture Debate

Huw Macartney

Oxford University Press

This chapter draws on the writings of liberal theorists, from Adam Smith to the German ordo-liberals, to explain how state managers arrived at their focus on reforming conduct and ethics. The liberal economics tradition, before the turn towards neoclassical economics, recognized the ethical struggle at work in market participants, and the tendency towards market-distorting conduct. This helps to explain why state managers sought to strengthen market competition to reform culture, and why they also turned to an ethical reform agenda. The second half of the chapter turns to the work of Jürgen Habermas to explain the concept of a legitimacy crisis that state managers were also fighting. Here the chapter also introduces the concept of populist statecraft, as an ideologically thin, anti-establishment strategy. This also helps to explain how state managers used the culture of banking crisis as a political weapon.

Keywords:   culture, market discipline, misconduct, legitimacy crisis, populism, Habermas, ordo-liberals, Adam Smith

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 .