265 - Regular Session. Economic Sociology: Regulatory and Local Responses to Financial Crisis: Discursive, Cultural and Social Structural Foundations

Session Submission Type: Paper Session

Abstract

This session focuses on cultural and social structural determinants of regulatory responses to financial crisis, shedding new light on the trajectories and effectiveness of regulation and reform. The papers address responses to financial crises both past and present. They consider how the FDIC, Federal Reserve and other national regulators respond (or fail to respond) to collapses of financial markets, highlighting the role that discourses, cultural frames and sensemaking processes played in shaping regulators’ understandings and strategies. They also consider how local elites and businesses responded to the absence or failures of regulatory efforts, depending on the social and economic structure of local communities.

Sub Unit

• Economic Sociology

Session Organizer

• Marc Schneiberg, Reed College

Presider

• Bruce G. Carruthers, Northwestern University

Individual Presentations

• Why the Federal Reserve Missed the Financial Crisis: The Role of Sensemaking and Cultural Frames - Neil Fligstein, University of California-Berkeley; Jonah Stuart Brundage, University of California-Berkeley; Michael Schultz, University of California-Berkeley

• A Tale of Two Crises: The Competing Institutional Logics of the Financial Crisis - Alicia Eads, Cornell University

• Institutional Heterogeneity and Financial Market Performance: Two Case Studies - Marc Schneiberg, Reed College

• Elite-Driven Community Collective Action and the Issues of Currency Substitutes During the Panic of 1907 - Lori Qingyuan Yue, University of Southern California