{"title":"UK Responses and the Second Phase","authors":"Huw Macartney","doi":"10.1093/oso/9780198843764.003.0007","DOIUrl":"https://doi.org/10.1093/oso/9780198843764.003.0007","url":null,"abstract":"This chapter focuses on the culture of banking debate that emerged following the LIBOR scandal in 2012 in the UK. It shows a range of the harder, institutional and regulatory measures and penalties that were introduced to remedy bank culture. The chapter then moves to discuss the softer, normative agenda that also focused on bank culture change. The chapter contends though, that in both cases state managers were as concerned about tackling the legitimacy crisis as they were about actually improving bank culture. The chapter also shows the glaring absence of a debate on the structural causes of banking culture.","PeriodicalId":239307,"journal":{"name":"The Bank Culture Debate","volume":"48 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-09-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131428157","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Fines as a Mechanism for Culture Change?","authors":"Huw Macartney","doi":"10.1093/oso/9780198843764.003.0008","DOIUrl":"https://doi.org/10.1093/oso/9780198843764.003.0008","url":null,"abstract":"This chapter begins with the claims made by state managers that financial penalties would function as an important mechanism for improving conduct and culture in the banks. The main argument of this chapter is that this claim is spurious. The chapter shows that fines bear only a vague relationship to the financial performance of the firms in question. It then explores issues such as the tax deductability of the fines, and the finer details of the penalties themselves to argue that the penalties were primarily part of the populist strategy used by state managers.","PeriodicalId":239307,"journal":{"name":"The Bank Culture Debate","volume":"175 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-09-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122830505","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"UK Responses and the First Phase","authors":"Huw Macartney","doi":"10.1093/oso/9780198843764.003.0006","DOIUrl":"https://doi.org/10.1093/oso/9780198843764.003.0006","url":null,"abstract":"This chapter covers the early 2000s in the UK as a backdrop to the legitimacy crisis that unfolded as the global financial crisis hit. It explains the institutional set-up and the regulatory mindset that prevailed during the 2000s. This helps to explain what changed as financial crisis hit. Using opinion poll data the chapter then explores the fall in public confidence in both banks and state managers as a means of tracking the legitimacy crisis. Then the chapter explores the austerity agenda and rising protests in the UK, before explaining the nascent populist response by UK state managers at the early stage of the financial crisis.","PeriodicalId":239307,"journal":{"name":"The Bank Culture Debate","volume":"25 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-09-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132733466","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"US Responses and the Second Phase","authors":"Huw Macartney","doi":"10.1093/oso/9780198843764.003.0005","DOIUrl":"https://doi.org/10.1093/oso/9780198843764.003.0005","url":null,"abstract":"This chapter argues that after the initial responses to the financial crisis the culture of banking debate came to the fore from 2012 onwards. Following government spending cuts and political protests the repeated banking scandals that emerged constituted a second wave. US state managers moved beyond improving market discipline to ethical reform and new institutions. But the chapter argues that the unfolding legitimacy crisis was perhaps the main reason for the political focus on bank culture, and fundamentally shaped the populist tactics used by US state managers. The chapter also shows the glaring absence of a debate on the structural causes of banking culture.","PeriodicalId":239307,"journal":{"name":"The Bank Culture Debate","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-09-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133488680","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Bank Culture","authors":"Huw Macartney","doi":"10.1093/oso/9780198843764.003.0002","DOIUrl":"https://doi.org/10.1093/oso/9780198843764.003.0002","url":null,"abstract":"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.","PeriodicalId":239307,"journal":{"name":"The Bank Culture Debate","volume":"121 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-09-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126590183","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"US Responses and the First Phase","authors":"Huw Macartney","doi":"10.1093/oso/9780198843764.003.0004","DOIUrl":"https://doi.org/10.1093/oso/9780198843764.003.0004","url":null,"abstract":"This chapter covers the early 2000s in the US and explains the backdrop to the legitimacy crisis that unfolded as the culture of banking crisis hit. It explains that following a regulatory tightening after the Enron scandal and the Dot.com boom, efforts diminished by the mid-2000s. Using opinion poll data the chapter then shows how public confidence in both the banks and the political classes fell dramatically as the financial crisis hit. It then explores the initial political responses to the financial crisis, arguing that though bank culture was identified as a problem as early as 2008–9, the initial responses focused only on tightening market discipline to reform conduct.","PeriodicalId":239307,"journal":{"name":"The Bank Culture Debate","volume":"65 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-09-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126505968","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"What Has Not Changed","authors":"Huw Macartney","doi":"10.1093/oso/9780198843764.003.0010","DOIUrl":"https://doi.org/10.1093/oso/9780198843764.003.0010","url":null,"abstract":"This chapter begins by explaining that financialization since the financial crisis has continued. The chapter then shows how the real culture of banking has not changed as a result. It examines the business models of the largest Anglo-American banks and the impact of Quantitative Easing to show the disconnect between the banks and their respective economies. It then examines rising household indebtedness, and the lending practices of the banks that exploit the heavily indebted. Finally it explores pay in the financial sector, showing that fixed and variable remuneration remain out of proportion to the value-added of the banking sector, and disproportionately high compared to pay in most other sectors. The conclusion we should draw is that bank culture has actually changed very little.","PeriodicalId":239307,"journal":{"name":"The Bank Culture Debate","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-09-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133942779","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Culture and Legitimacy","authors":"Huw Macartney","doi":"10.1093/oso/9780198843764.003.0003","DOIUrl":"https://doi.org/10.1093/oso/9780198843764.003.0003","url":null,"abstract":"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.","PeriodicalId":239307,"journal":{"name":"The Bank Culture Debate","volume":"32 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-09-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130734424","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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