11.S944 The Institutions of Modern Capitalism and the Rise of Market Society. Instructor Spring Room 4-261

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1 11.S944 The Institutions of Modern Capitalism and the Rise of Market Society Instructor Spring 2015 Jason Jackson Tuesday pm Room Course Description and Objectives Do markets constitute a morally fair and economically efficient means of societal organization? How have market institutions and logics become so pervasive in modern society? This course focuses on the origins and evolution of the institutions of modern capitalism by analyzing the political aspects of markets. The course will critically assess the rise of what Karl Polanyi and Albert Hirschman have referred to as market society, a powerful conceptual framework that views the development of modern capitalism not as an outcome of deterministic economic and technological forces, but rather as the result of social and political processes. This will allow us to interrogate the processes through which markets have not only become a legitimate institution of economic exchange, but have also become a pervasive mode of organization across broad arenas of social life. To do so the course will expose students to multi-disciplinary theories of modern capitalism that highlight the normative and moral elements of markets and the role these play in political contestation that have shaped the contemporary capitalist social order. The course will begin by surveying classic and contemporary theories of markets in political economy and economic sociology before applying these frameworks to a diverse empirical terrain that spans national, regional and local levels of analysis across developing and industrialized countries. For example, we will analyze the political origins of financial markets in early industrial England and the relationship between British state formation, market construction and the imperial project. We will trace the rise of industrialization and the growth of credit and consumption in the post-war period before considering the emergence of neoliberalism, financialization and the current global financial crisis. We will interrogate the roots of the crisis in the creation of esoteric financial instruments as well as the ethics of business practices from Wall Street trading floors to neighborhood level predatory subprime lending. We will analyze mortgage lending practices in the US subprime crisis where large banks have been bailed out while millions of often low-income, elderly and minority homeowners remain underwater. We will also assess the political and moral dimensions of related sovereign debt crises, from the German government s response to failed private bank lending to Greece and other socalled PIGS to the US Supreme Court decisions requiring the Argentinian government to repay sovereign debts held by vulture hedge funds. Finally, we discuss emergent models of the sharing economy as manifested in market-making enterprises such as Airbnb, Uber and Homejoy, whose rapid global diffusion may be the ultimate reflection of the triumph of market logics. We will consider whether their success is best understood as entrepreneurial ventures arising from disruptive technological innovations or whether these models are facilitated by increasingly precarious labor market positions amidst declining wages, rising underemployment, inequality and the erosion of state-sponsored social support. 2/2/15 1

2 The course thus locates our contemporary moment of neoliberalism and high modernity in comparative and historical perspective, by assessing capitalist transformation across both developing and industrialized countries from the 19 th century through the present. This approach to analyzing the dynamics of capitalist institutional change facilitates an emphasis on the linkages between structural and ideational transformation in the both industrialized and developing worlds, eschewing this conventional analytic separation to illustrate how the dynamics of capitalist institutional change are inextricably intertwined. Finally, the course will take an actor-centered approach by assessing the role of states and firms as key agents in constructing visions of market society and high modernity, and as crucial participants in the political contestation. This will reveal the constraints and opportunities entailed in capitalist institutional structures, and the extent to which actors can anticipate limits and imagine alternative possibilities. This elective course is aimed at masters and doctoral students in DUSP, Political Science, HASS and the Sloan School. The themes covered in the course are intended to help graduate students who are preparing for theses, first/second year papers and dissertations to generate concrete research questions. The course has no prerequisites. Readings The course will expose students to some of the most creative and cutting-edge work on the politics of markets. To do so it draws on multi-disciplinary readings, particularly from political economy and economic sociology, but also anthropology, history, science and technology studies, economics, postcolonial studies and geography. The readings will are comprised of a mixture of scholarly articles and book chapters, and will average around 3-4 items per week (~100 pages). The course outline also includes an extensive list of further (optional) readings that may be of assistance to students thesis and dissertation research. I am happy to work with students to identify additional readings that may assist in advancing their research interests. All required readings will be available on Stellar. Assessment and Grading Student assessment will be based on class participation, four short reading response papers, and a final paper or project. The response papers (1 single-spaced page each) should critically engage with readings from selected weeks of the students choosing. The final paper (~15-18 pages) can be written as a research proposal that critically assesses an area of interest to generate original research questions, propositions and testable hypotheses. This is intended to support first/second year papers, dissertation proposals or chapters. Masters students have the option of doing a final project to be decided upon in consultation with the instructor. The weighted distribution of these assignments in the overall course grade is indicated below. 1. Class participation: 30% 2. Four reading responses: 20% 3. Final paper or project: 50% 2/2/15 2

3 COURSE OUTLINE SECTION I: FOUNDATIONS Week 1: Introduction and Course Overview February 3 Week 2: The Rise of Market Society: Politics and Morality February 10 *** No Class on February 17: President s Day Schedule *** SECTION II: THE INSTITUTIONS OF EARLY CAPITALISM Week 3: The Political Origins of Market Institutions February 24 Week 4 Industrial Modernity and the Construction of Markets and Firms: Technology, Managerial Rationality, Power and Culture March 3 Week 5: Between Tradition and Modernity: The Installation of Colonial Market Institutions and the Nationalist Response March 10 Week 6: Governing Economies, Industries and Firms: Macroeconomic Policy and Corporate Governance ( ) March 17 *** Spring Break *** SECTION III: THE RISE OF NEOLIBERALISM AND FINANCE CAPITALISM Week 7: Constructing Market Society: Consumerism, Credit and Consumption March 31 Week 8: Neoliberalism and Globalization April 7 Week 9: Finance Capitalism and Financialization April 14 Week 10: Regulatory Capture and the Performativity of Economics April 21 Week 11: Moral Economy & Business Ethics in the Subprime Mortgage Crisis April 28 Week 12. The New Spirit of Market Society in the 21 st Century May 5 Week 13: Students Presentations: Final Paper Proposals and Projects May 12 2/2/15 3

4 SECTION I: FOUNDATIONS Week 1: Introduction and Course Overview February 3 Welcome to the course! Discussion of the syllabus, course content and course objectives. We will use a few short pieces (and videos) from the popular press to animate the logic of this course on the institutions of modern capitalism and the rise of market society. Background readings Matt Taibbi Invasion of the Home Snatchers: How foreclosure banks are helping to screw over homeowners. Rolling Stone, November 10, Paul Krugman Why we are in a new Gilded Age. Review of Thomas Picketty, Capital in the Twenty-First Century. The New York Review of Books, May 8, Arun Sundarajan What Airbnb Gets About Culture that Uber Doesn t. Harvard Business Review. Nancy Fraser How Feminism became capitalism s handmaiden - and how to reclaim it. A movement that started out as a critique of capitalist exploitation ended up contributing key ideas to its latest neoliberal phase. The Guardian. October 13, Optional background readings Ashutosh Varshney and Jayanti Sinha It is time for India to reign in its robber barons. Financial Times, January 6, Or see video at: Mark Twain and Charles Dudley Warner The Gilded Age: A Tale of Today Andrew Carnegie The Gospel of Wealth. North American Review. No. CCCXCI, June Skim, focusing on the first and last paragraph. Michael Sandel What Money Can t Buy: The Moral Limits of Markets. Short video: 2/2/15 4

5 Week 2: The Rise of Market Society: Politics and Morality February 10 This week s readings will establish a basis for understanding the theoretical concept of market society from a historical empirical perspective. The readings begin with the path-breaking work of the anthropologist Karl Polanyi and economist Albert Hirschman, and continue with more recent interpretations and extensions in comparative political economy and economic sociology. This will allow us to establish a number crucial questions that will inform our discussions for the rest of the course, including those concerning the normative foundation of markets (are markets moral?) and the relationship between states and markets (are they analytically separate or mutually constitutive spheres?). Karl Polanyi [2001]. The Great Transformation. Boston Beacon Press. Selected pages TBA. Albert Hirschman Rival Views of Market Society: Civilizing, Destructive or Feeble? Journal of Economic Literature, 20: Neil Fligstein Markets as Politics: A Political-Cultural Approach to Market Institutions. American Sociological Review, 61(4): Read pages Fred Block and Peter Evans, The State and the Economy. in The Handbook of Economic Sociology, 2 nd edition, Neil Smelser and Richard Swedberg (eds). New York & Princeton: Russell Sage Foundation & Princeton University Press. Read pages Timothy Mitchell Rule of Experts: Egypt, Techno-Politics, Modernity. Berkeley and Los Angeles: University of California Press. Introduction pp Skim E.P. Thompson The Moral Economy of the English Crowd. Past and Present. Marion Fourcade and Kieran Healy Moral Views of Market Society. Annual Review of Sociology, 33: *** NO CLASS ON FEBRUARY 17 *** (President s Day Schedule) 2/2/15 5

6 SECTION II: THE INSTITUTIONS OF EARLY CAPITALISM The next two weeks will consider the beginnings of industrial modernity by analyzing the creation and installation of modern market institutions in colonial, post-colonial and imperial societies. Week 3: The Political Origins of Market Institutions February 24 This week s readings will examine the development of early market institutions when capitalism was in its infancy. The readings will highlight the political and social dimensions of market construction with a focus on the rise of finance, which as Carruthers claims is the sanctus santorium of economic rationality and efficiency. Finance was central to supporting the emergence of modern industry and the rise of the modern state, as well as funding the imperial project through chartered trading companies like the East India Company. Douglas North and Barry Weingast Constitutions and Commitment: The Evolution of Institutions Governing Public Choice in Seventeenth Century England The Journal of Economic History, Vol. 49, No. 4 (Dec 1989), Bruce Carruthers City of Capital: Politics and Markets in the English Financial Revolution. Princeton: Princeton University Press. Chapter 1. Milton Friedman, (2002) Capitalism and Freedom. Chicago: University of Chicago Press. Introduction and Chapters 1-2 (pp. 1-36). Karl Marx. [1972(1978)]. The 18 th Brumaire of Louis Bonaparte in Robert Tucker (ed) The Marx-Engels Reader. New York: Norton & Company. Optional readings Friedrich Hayek Individualism and Economic Order. Chicago: University of Chicago Press. Ch. 1-2, 4-6. Sven Beckert The Empire of Cotton: A Global History. New York: Alfred A. Knopf. Chapter Two: Building War Capitalism. 2/2/15 6

7 Week 4 Industrial Modernity and the Construction of Markets and Firms: Technology, Managerial Rationality, Power and Culture March 3 This week s readings will allow us to critically interrogate the role of technological, managerial, political and cultural factors in the rise of what is arguably the most important early industry: the railroads. Railroads not only facilitated the rise of other key industries such as steel, they also served as a template for both industrial policy within government as well as organizational structure and managerial strategy in large firms. The technological, cultural and political developments not only facilitated new modes of production and distribution, it created a new politics of consumption. These readings will provide a basis for later discussions of market construction in both developing and advanced industrialized countries. It also highlights the rise of corporations as an organizational form and market actors, which will lay a foundation for later discussions on the role of business in society. Frank Dobbin Forging Industrial Policy. Princeton: Princeton University Press. Chapter 1. William Roy Socializing Capital: The Rise of the Large Industrial Corporation in America. Pp in The New Economic Sociology: An Anthology, edited by Frank Dobbin. Princeton, NJ: Princeton University Press. Alfred Chandler Scale and Scope: The Dynamics of Industrial Capitalism. Chapter 1 (pp. 1-13). Kathleen Thelen How Institutions Evolve: The Political Economy of Skills in Germany, Britain, the United States and Japan. New York: Cambridge University Press, Chapter 1. Richard White Railroaded: The Transcontinentals and the Making of Modern America. W.W. Norton and Company. 2/2/15 7

8 Week 5: Between Tradition and Modernity: The Installation of Colonial Market Institutions and the Nationalist Response March 10 This week will build directly on our earlier discussions by considering the social and political process through which early market institutions were installed in the colonial world in the late nineteenth century. Not only will we shift our empirical focus to colonial contexts, we will also broaden our theoretical lens to include work from scholars who are engaging with political economy from the perspective of history, postcolonial theory and science and technology studies. Additionally, we will discuss both colonial efforts to build liberal market institutions as well as the early nationalist response. Timothy Mitchell Rule of Experts: Egypt, Techno-Politics, Modernity. University of California Press. Introduction and Chapter 1: Can the Mosquito Speak? Jim Scott Seeing Like a State: How Certain Schemes to Improve the Human Condition Have Failed. New Haven: Yale University Press. Chapter 4 (on Brasilia). Ritu Birla Stages of Capital: Law, Culture, and Market Governance in Late Colonial India. Durham and London: Duke University Press. Chapter 1. Gyan Prakash Another Reason: Science and the Imagination of Modern India. Princeton: Princeton University Press. Selected Pages TBA. Partha Chatterjee, The Nation and its Fragments: Colonial and Postcolonial Histories. Princeton: Princeton University Press. Dipesh Chakrabarti Provincializing Europe. Princeton: Princeton University Press. Introduction & Chapter 1. Benedict Anderson [2006]. Imagined Communities: Reflections on the Origins and Spread of Nationalism. Verso. Manu Goswami Producing India: From Colonial Economy to National Space. Chicago: University of Chicago Press. Acemoglu, Daron, Simon Johnson and James A. Robinson The Colonial Origins Of Comparative Development: An Empirical Investigation American Economic Review 91 (Dec), /2/15 8

9 Week 6: Governing Economies, Industries and Firms: Macroeconomic Policy and Corporate Governance March 17 This week s readings address the politics of market institutions from the macro, meso and micro levels of analysis: macroeconomic and industrial policy as well as firm-level organizational strategy in the twentieth century. The goal is to understand the contemporary relationship between macro-institutions and corporate organization in the global economy. To do so we consider the rise period bookended by the First World War and the Twin Oil Crises (roughly, the period between the first and second globalizations, and also the rise and fall of Keynesian macroeconomic policy, and the collapse of the Bretton Woods monetary system). We will simultaneously consider how external developments in market regulation drove internal firm level structural transformations of the largest industrial corporations in the US, from hierarchical vertically integration to market-oriented global fragmentation captured by the contemporary global value chain analytic. We will link this with an analysis of attempts to govern the market through multinational firms and large business groups industrial policy in dependent and developmental states in Asia and Latin America. The overall goal is to highlight the interconnected relationship between nations and firms through market institutions. We will do from a variety of theoretical perspectives: comparative political economy, economic sociology and development economics. Mark Blyth Great Transformations: Economic Ideas and Institutional Change in the Twentieth Century. New York: Cambridge University Press. Chapter 1. Neil Fligstein The Structural Transformation of American Industry: in Walter W. Powell and Paul DiMaggio, eds. The New Institutionalism in Organizational Analysis. Chicago: University of Chicago Press. Peter Evans Dependent Development. Princeton: Princeton University Press. Ch 1. Alice Amsden, The Rise of the Rest: Challenges to the West from Late Industrializing Economies. New York: Oxford University Press. Chapter 1. Peter Hall Policy Paradigms, Social Learning and the State: The Case of Economic Policymaking in Britain. Comparative Politics, Vol. 25. No. 3, pp Neil Fligstein The Transformation of Corporate Control. Harvard University Press: Cambridge, MA. Mark Mizruchi The Fracturing of the American Corporate Elite. Harvard University Press. Vivek Chibber Locked in Place: State-building and Late Industrialization in India, Princeton University Press, Princeton. *** SPRING BREAK *** 2/2/15 9

10 SECTION III: THE RISE OF NEOLIBERALISM AND FINANCE CAPITALISM Having established a solid theoretical and empirical foundation for the analysis of the institutions of modern capitalism and the rise of market society, the second half of the course we will build explicitly on the material discussed to date to consider the contemporary period of neoliberalism. In particular, we will use the as the fulcrum around which the readings and our discussion will be oriented. This will allow us to consider how structural, cultural and ideational transformations over the past three decades have shaped the political conflicts in markets in the current moment. Week 7: Constructing Market Society: Consumerism, Credit & Consumption March 31 This week s readings will facilitate a discussion of consumerism and consumption as cultural phenomena and material practices that were essential elements of the consolidation of mid-twentieth century capitalism. Crucially, this is so in both developing and industrialized countries, not least given the post war economic boom. As such we will assess the rise of consumerism and consumption alongside the tensions that came to fore in welfare state capitalism with the economic decline of the 1970s in the rich countries, as well as the disappointment of post-war development strategies in much of the third world (outside of the East Asian NICs). We will see how political actors sought antidotes to common phenomena of economic stagnation, political strife and ideological polarization between left and right in mass consumerism, and how this shaped the trajectories of institutional change in both rich and poor countries as both sought more explicit market-based solutions: individual consumer and housing credit expansion in the US (especially in the newly developed suburbs), and rising national debt in the developing world. This will set the stage for our discussion of the rise of finance, the process of financialization, and ultimately the financial crisis in the neoliberal period that we will cover in the third section of the course. Monica Prasad The Land of Too Much: American Abundance and the Paradox of Poverty. Harvard University Press. Chapters 1-2. Gunnar Trumball Consumer Lending in France and America: Credit and Welfare. New York: Cambridge University Press. Chapter 1. Bethany Moreton The Soul of the Service Economy: Wal-Mart and the Making of Christian Free Enterprise, , Enterprise & Society 8:4 (December, 2007). Juliet Schor In Defense of Consumer Critique. Annals, AAPS, 611, May Viviana Zelizer Culture and Consumption. Pp in The Handbook of Economic Sociology, second edition, edited by Neil J. Smelser and Richard Swedberg. New York and Princeton: Russell Sage Foundation and Princeton University Press. 2/2/15 10

11 Pierre Bourdieu Distinction: A Social Critique of the Judgment of Taste. Cambridge, Mass.: Harvard University Press. Introduction, pp Thornstein Veblen [1899]. The Theory of the Leisure Class. New York: Dover. Selected pages TBA. Lizabeth Cohen A Consumers Republic: The Politics of Mass Consumption in Post-War America. New York: Alfred A. Knopf. Victoria de Grazia and Lizabeth Cohen (eds) Class and Consumption. Special Issue of International Labor and Working Class History 55 (spring). Sharon Zukin and Jennifer Smith Maguire Consumers and Consumption. Annual Review of Sociology, 30: Juliet Schor The New Politics of Consumption. Boston Review. Summer William Mazzarella Shoveling Smoke: Advertising and Globalization in Contemporary India. Durham, NC: Duke University Press. Jason Jackson From Populist Socialism and Garibi Hatao [Poverty Reduction] to Aspirational Consumerism : Constructing Markets and Creating Consumers in Liberalizing India. Mimeo. Gary Cross An All Consuming Century: Why Commercialism Won in America. New York: Columbia University Press. Mathew Hilton The Fable of the Sheep: Or, Private Virtues, Public Vices: The Consumer Revolution of the Twentieth Century. Past and Present 176: /2/15 11

12 Week 8: Neoliberalism and Globalization April 7 This weeks reading will facilitate an explicit discussion of neoliberalism. We will critically interrogate the substantive meaning of the term, its institutional features, and the economic, political and social phenomena that it has come to represent. We will consider these issues across developing and industrialized countries in Latin American, Europe and the United States, across social and industrial policy domains, and from perspectives in political economy, sociology, science and technology studies and law. Marion Fourcade-Gourinches and Sarah Babb The Rebirth of the Liberal Creed: Paths to Neoliberalism in Four Countries. American Journal of Sociology, Vol. 108, No. 3, (Nov 2002), pp Hernando de Soto The Mystery of Capital. Bantam Press. Selected pages TBA. David Kennedy Some Caution About Property Rights as a Recipe for Economic Development. Accounting, Economics and Law, Vol. 1, Issue 1, Article 3. [Shorter version given as speech at World Bank, May 2011.] Margaret Somers and Fred Block From Poverty to Perversity: Ideas, Markets and Institutions over 200 Years of Welfare Debate. American Sociological Review, Vol. 70, No. 2, (April 2005), pp Timothy Mitchell The Properties of Markets Chapter 9 in Donald Mackenzie, Fabian Muniesa and Lucia Siu (Eds) Do Economists Make Markets? Princeton: Princeton University Press, pp John Campbell and Ove Pedersen The Rise of Neoliberalism and Institutional Analysis, Princeton: Princeton University Press. Chapter 1. Harvey, David A Brief History of Neoliberalism. New York: Oxford University Press. Available at: Peter Hall and David Soskice An Introduction to the Varieties of Capitalism. In Varieties of Capitalism: The Institutional Foundations of Comparative Advantage, ed. Hall and Soskice. New York: Oxford University Press. Monica Prasad, The Politics of Free Markets. University of Chicago Press. Brian Steensland Cultural Categories and the American Welfare State: The Case of Guaranteed Income Policy. American Journal of Sociology, Vol. 111, No. 5, (March 2006), pp Nancy Fraser Feminism, Capitalism and the Cunning of History. New Left Review, 56, March/April, Saskia Sassen Globalization and its discontents. The New Press. 2/2/15 12

13 Week 9: Finance Capitalism and Financialization April 14 The past three decades have seen an important structural shift in the process of financialization or the rise of finance capitalism. We will consider what this process means, how it took place and what the effects are both in financial markets as well as real economy i.e. critically examining the relationship between financialization and the increasingly global production of material goods and services. This will facilitate and explicit discussion of current arguments and concerns about the disembedding of finance from production. Gerald Davis The Rise and Fall of Finance and the End of the Society of Organizations. Academy of Management Perspectives, 23(3), pp Frank Dobbin and Dirk Zorn Corporate Malfeasance and the Myth of Shareholder Value in Diane E. Davis (ed) Political Power and Social Theory, Vol. 17. Greta Krippner The Financialization of the American Economy Socio-Economic Review. Vol. 3, Gary Gereffi Global Value Chains in a Post-Washington Consensus World. Review of International Political Economy, Vol. 21, No. 1 (February 2014), pp Neil Fligstein The End of (Shareholder Value) Ideology? Mimeo. Dirk Zorn, Frank Dobbin, Julian Dierkes and Man-Shan Kwon, Cui Bono: Institutional Investors, Securities Analysts, Agents, and the Shareholder Value Myth. Paper presented at the New Public and Private Models of Management: Sensemaking and Institutions, sponsored by the Copenhagen Business School, May 2005 William Milberg, Shifting Sources and Uses of Profits: Sustaining US Financialization with Global Value Chains. Paper presented at CEPN/SCEPA Conference, University of Paris, January 17-18, Gary Gereffi, The Global Economy: Organization, Governance, and Development. In Handbook of Economic Sociology, ed. Neil Smelser and Richard Swedberg. Princeton: Princeton University Press. Greta Krippner, Capitalizing on Crisis. Cambridge, MA: Harvard University Press. Ben Ross Schneider Hierarchical Market Economies and Varieties of Capitalism in Latin America. Journal of Latin American Studies, 41 (August 2009), pp /2/15 13

14 Week 10: Regulatory Capture and the Performativity of Economics April 21 Two important strands of research on the operation of markets that critique conventional economic models have emerged in the science and technology studies and the sociology of finance, and in political economy, respectively. We will consider the innovative performativity critique of finance and economics, as well as new theorizing about regulatory capture that challenges older conceptions from the Chicago school of public choice that had major implications for state intervention in the economy. We will discuss this in the context of the esoteric nature of financial instruments (e.g. various forms of derivatives) that underpinned the crisis. Michel Callon Introduction: The Embeddedness of Economic Markets in Economics in The Laws of the Markets, M. Callon (ed). Oxford: Blackwell, pp Donald Mackenzie, Fabian Muniesa and Lucia Siu Chapter 1: Introduction in Do Economists Make Markets? Mackenzie, Muniesa and Siu (eds), Princeton: Princeton University Press, pp Timothy Mitchell The work of economics: how a discipline makes it world. European Journal of Sociology, Vol. 46, No. 2, (August 2005), pp James Kwak Cultural Capture and the Financial Crisis in Daniel Carpenter and David Moss (Eds.) Preventing Regulatory Capture: Special Interest Influence and How to Limit it. New York: Cambridge University Press. David Moss Reversing the Null: Regulation, Deregulation and the Power of Ideas Chapter Four in Gerland Rosenfeld, Jay Lorsch and Rakesh Khuranna Challenges to Business in the Twenty-First Century. American Academy of Sciences. Jessica Leight Public Choice: A Critical Assessment in Edward Balleisen and David Moss (eds) Government and Markets: Towards a Theory of Regulation. New York: Cambridge University Press. 2/2/15 14

15 Week 11: Moral Economy and Business Ethics in the Financial Crisis: Corporate Strategy, Market Segmentation and Social Stratification in the Subprime Meltdown April 28 Our penultimate week of readings will focus explicitly on the mortgage crisis by considering its effects at two distinct levels of analysis: households facing foreclosure in the US and countries facing sovereign debt crises in Europe and Latin America. We pay particular attention to the policy response to the crisis in both contexts, and critically assess the ways in which both normative and efficiency considerations have been deployed by competing groups seeking to shape regulatory and market outcomes. Jacob Rugh and Doug Massey Racial Segregation and the American Foreclosure Crisis. American Sociological Review, Vol. 75, No. 5, pp Ta-Nehisi Coates The Case for Reparations. The Atlantic. May 21, Marion Fourcade, Philippe Steiner, Wolfgang Streeck and Cornelia Woll Discussion Forum: Moral Categories in the Financial Crisis. Socio-Economic Review, 11, pp Argentina Debt Crisis Vulture Funds and Sovereign Debt Restructuring Skim court documents (especially amicus briefs) located at: Simon Johnson and James Kwak Thirteen Bankers: The Wall Street Takeover and the Next Financial Meltdown. New York: Vintage Books. Introduction. Marion Fourcade and Kieran Healy Classification Situations: Life Chances in the Neo-liberal Era. Accounting, Organizations and Society (38), pp Simone Polillo Wildcats in banking fields: the politics of financial inclusion. Theory and Society. 40: Gabriel Abend The Moral Background: An Inquiry into the History of Business Ethics. Princeton: Princeton University Press. Chapter 1. Crump, Jeff, Kathe Newman, Eric S. Belsky, Phil Ashton, David H. Kaplan, Daniel J. Hammel, and Elvin K. Wyly Cities Destroyed (Again) for Cash: Forum on the U.S. Foreclosure Crisis. Urban Geography 29: Niedt, Christopher and Isaac William Martin Who are the Foreclosed? A Statistical Portrait of America in Crisis. Housing Policy Debate 23(1): Sarah Quinn Government Policy, Housing, and the Origins of Securitization, Ph.D. Dissertation, Department of Sociology, UC Berkeley. 2/2/15 15

16 Week 12. The New Spirit of Market Society in the 21 st Century May 5 This final set of readings will center on a few current issues that highlight key features of contemporary market society: the debate on inequality that Thomas Picketty s book has helped to highlight, the growth of low wage service employment (both in the US as well as many post-structural adjustment developing countries) that is well-represented in the cultural-economic phenomenon of Wal-Mart, but especially in the rise of new sociotechnical market devices, such as manifested in the so-called sharing economy. Luc Boltanksi and Eve Chiapello The New Spirit of Capitalism. Selected pages TBA. Rene Almeeling Sex Cells: The Medical Market for Eggs and Sperm. University of California Press. Chapter 1. Brishen Rogers The Social Costs of Uber. University of Chicago Law Review. Forthcoming. Amy Cohen and Jason Jackson Moral Technologies of Market Construction: Multinational Supermarkets and the Indian Bazaar. Mimeo. Alice Goffman On the Run: Wanted Men in a Philadelphia Ghetto. American Sociological Review. 74(2) pp Malcolm Gladwell The Crooked Ladder: The Criminal s Guide to Upward Mobility. The New Yorker. August 11, Thomas Piketty Capital in the Twenty-First Century. Harvard University Press. Selected pages TBA. Week 13: Students Presentations: Final Papers and Projects May 12 2/2/15 16