Her ethnography of investment bankers in the late 1990s, Liquidated, depicts the bravado, callousness, and contradictions that are the hallmarks of investment banking culture. University of Minnesota professor Karen Ho talks about how Wall Street is a culture full of prep school cronies that are so focused on profits and bonuses, that they have no long term economic vision. Wall Street Historiographies and the Shareholder Value Revolution 122 4. As for job insecurity, it leads investment bankers to morph instantly into successful job hunters and mobile survivors. According to Ho, what is more important on Wall Street is to possess a broad range of skills that can help people solve any number of potential financial problems that could come their way.
Further, Ho suggests that economic downturns are the inevitable consequence of this lack of foresight. With Liquidated, Karen Ho takes us into the workaday world of investment banking before the crisis, showing us the roots of the risk-taking that drew lavish compensation packages and brought the world financial system to the brink of collapse. This book is a milestone of an increasingly sophisticated and relevant anthropology of markets and it constitutes crucial reading for both undergraduate and post-graduate students. Is your own argument utopian or dystopian? In this society, not all people are expertise, but they can still share ideas and stimulate their creativity to success in the future. They often experience downward mobility or don't land on their feet. And I'd argue part of the reason they've been able to, even though investment banking as we knew it no longer exists, is that their ethos still does.
Their daily cultural practices still do. But Karen Ho's research greatly enriches our understanding of how Wall Street's own peculiar culture of transient relationships and relentless competition has contributed to the shareholder revolution. A significant contribution both to the anthropological and wider social scientific literature on financial markets and globalization, as well as to the urgent public debate over the power of financial institutions in contemporary American society. I highly recommend it, especially if you have no idea how the world of high finance operates. Through an in-depth investigation into the everyday experiences and ideologies of Wall Street investment bankers, Ho describes how a financially dominant but highly unstable market system is understood, justified, and produced through the restructuring of corporations and the larger economy. You must obtain permission directly from the owner of the image.
This becomes the prototype, but in many ways that's quite removed from the daily lives of most American workers. Who gets to feel good about themselves in our society? People would also find their purpose by sharing insights with others. I highly recommend it, especially if you have no idea how the world of high finance operates. In this essay, Faludi describes the backlash from the all-male military academy The Citadel when a female recruit is accidentally admitted. What about those who will never be recruited by Wall Street? I have used excerpts in an undergraduate economic sociology course, and I have recommended it to an investment banker.
It makes it easy to scan through your lists and keep track of progress. Before this crazy crash of 2008, bankers always landed on their feet, almost always. If anything, this book gives faces to the people who work in that abstract entity called Wall Street that seems to affect our world so much of late. Her ethnography of investment bankers in the late 1990s, Liquidated, depicts the bravado, callousness, and contradictions that are the hallmarks of investment banking culture. Are young people who end up on Wall Street victims of a warped self-esteem message or are they beneficiaries? Her father was a Taiwanese immigrant and doctor. They follow a set of arbitrary rules which ultimately place some ahead of others for extraneous reasons. They discuss the heavy bias and lack of depth utilized by both systems when analyzing individuals for selection into their firms and institutions.
If anything, this book gives faces to the people who work in that abstract entity called Wall Street that seems to affect our world so much of late. While self-esteem might seem like a worthwhile quality, Twenge criticizes curricula and programs that teach focus on the self. She connects well the main theme throughout any areas of the book. As for job insecurity, it leads investment bankers to morph instantly into successful job hunters and mobile survivors. Liquidated is a valuable contribution as an ethnography. Karen Ho's book should be required reading for students and faculty at these schools. The expectations of smartness and originality in the elite cultures of the job market hinder the overall positive progression of society by shaping highly qualified individuals as undeserving while giving non-qualifying members an edge they should not possess.
The student of anthropology, who would later go on to get her Ph. And she examines the myth that stockowners and companies are best served by maximizing shareholder profits. Is constant change at investment banks wrong? As field-sites go, Wall Street is not classic anthropological territory: ethnographers typically work in remote, third-world societies. Wall Street is known for having large investment firms who hire a small group of people who fit into a category known as elites. The book is, moreover, extremely well written throughout. What about those who will never be recruited by Wall Street? I highly recommend it, especially if you have no idea how the world of high finance operates.
Part of what I learned is that the very kinds of daily practices that created the boom in the first place wanting to book as many deals as possible for short-term bonuses, a workplace structured so that they're knowingly not there for very long paved the way for the bust. Please direct permission requests for these images to. Page numbers if excerpting, provide specifics For coursepacks, please also note: The number of copies requested, the school and professor requesting For reprints and subsidiary rights, please also note: Your volume title, publication date, publisher, print run, page count, rights sought Financial collapses—whether of the junk bond market, the Internet bubble, or the highly leveraged housing market—are often explained as the inevitable result of market cycles: What goes up must come down. However, it is hard to blame the employers of Wall Street for wanting to hire only the best of the best. Here's an example of what they look like: Your reading intentions are also stored in for future reference. Liquidated: An Ethnography of Wall Street asks many questions that those who work in the investment field should ask themselves.