Consecrating the Elite: Culturally embedding the financial market in the City of London

Research output: Chapter in Book/Conference proceeding with ISSN or ISBNChapterResearch

Abstract

Liberal market societies continue to be a source of recurring crises that have defined the twentieth and early twenty first centuries (Pauly, 2011; Stiglitz, 2010), yet the hegemonic dominance of the market order continues to be represented as a ‘pure and perfect order' of political and economic ‘truth' (Bourdieu, 2001). It is in this context that this chapter establishes a dominant financial doxa. In short, this represents the ‘cultural unconsciousness', or what is taken for granted, of a given social context. Through engrained norms, values and the acceptance of a non-contested version of ‘truth', the cultural doxa leads to a shared perception of a version of ‘reality' (Bourdieu, 1998; Chopra, 2003). In presenting the market as a form of doxa, this chapter highlights how the dominant institutions of political economy establish and perpetuate an embedded cultural ‘respect' for the inherent logic of market competition. Rather than existing within some form of ‘social essence', the market is viewed as a ‘coherent idea' that must be ‘realised' and ‘sustained' both by the state as well as individual practice (Foucault, 2010). What emerges is a situated and relational version of reality that structures, and is structured by, the impressions on the mind, body and material environment to [re]produce a dominating set of positive (ennobling) or negative (stigmatising) cultural practices.
Original languageEnglish
Title of host publicationFrom Financial Crisis to Social Change: Towards Alternative Horizons
EditorsTorsten Geelan, Marcos Gonzalez Hernando, Peter Walsh
Place of PublicationLondon
Publication statusPublished - 24 Feb 2018

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financial market
elite
market
twenty-first century
political economy
respect
acceptance
society
economics
Values

Bibliographical note

Alexander Simpson, Consecrating the Elite: Culturally embedding the financial market in the City of London, In: From Financial Crisis to Social Change: Towards Alternative Horizons, 2018, Palgrave Macmillan, reproduced with permission of Palgrave Macmillan. This extract is taken from the author's original manuscript and has not been edited. The definitive, published, version of record is available here: http://www.palgrave.com/gb/book/9783319705996#aboutAuthors

Cite this

Simpson, A. (2018). Consecrating the Elite: Culturally embedding the financial market in the City of London. In T. Geelan, M. Gonzalez Hernando, & P. Walsh (Eds.), From Financial Crisis to Social Change: Towards Alternative Horizons London.
Simpson, Alexander. / Consecrating the Elite: Culturally embedding the financial market in the City of London. From Financial Crisis to Social Change: Towards Alternative Horizons. editor / Torsten Geelan ; Marcos Gonzalez Hernando ; Peter Walsh. London, 2018.
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Simpson, A 2018, Consecrating the Elite: Culturally embedding the financial market in the City of London. in T Geelan, M Gonzalez Hernando & P Walsh (eds), From Financial Crisis to Social Change: Towards Alternative Horizons. London.

Consecrating the Elite: Culturally embedding the financial market in the City of London. / Simpson, Alexander.

From Financial Crisis to Social Change: Towards Alternative Horizons. ed. / Torsten Geelan; Marcos Gonzalez Hernando; Peter Walsh. London, 2018.

Research output: Chapter in Book/Conference proceeding with ISSN or ISBNChapterResearch

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N2 - Liberal market societies continue to be a source of recurring crises that have defined the twentieth and early twenty first centuries (Pauly, 2011; Stiglitz, 2010), yet the hegemonic dominance of the market order continues to be represented as a ‘pure and perfect order' of political and economic ‘truth' (Bourdieu, 2001). It is in this context that this chapter establishes a dominant financial doxa. In short, this represents the ‘cultural unconsciousness', or what is taken for granted, of a given social context. Through engrained norms, values and the acceptance of a non-contested version of ‘truth', the cultural doxa leads to a shared perception of a version of ‘reality' (Bourdieu, 1998; Chopra, 2003). In presenting the market as a form of doxa, this chapter highlights how the dominant institutions of political economy establish and perpetuate an embedded cultural ‘respect' for the inherent logic of market competition. Rather than existing within some form of ‘social essence', the market is viewed as a ‘coherent idea' that must be ‘realised' and ‘sustained' both by the state as well as individual practice (Foucault, 2010). What emerges is a situated and relational version of reality that structures, and is structured by, the impressions on the mind, body and material environment to [re]produce a dominating set of positive (ennobling) or negative (stigmatising) cultural practices.

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Simpson A. Consecrating the Elite: Culturally embedding the financial market in the City of London. In Geelan T, Gonzalez Hernando M, Walsh P, editors, From Financial Crisis to Social Change: Towards Alternative Horizons. London. 2018