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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: 23 September 2021

Culture and Legitimacy

Culture and Legitimacy

Chapter:
(p.48) 3 Culture and Legitimacy
Source:
The Bank Culture Debate
Author(s):

Huw Macartney

Publisher:
Oxford University Press
DOI:10.1093/oso/9780198843764.003.0003

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

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