Prevailing Culture and Narratives for Constructing Reality: Case Study of Economic Crisis

Elias G. Carayannis and Ali Pirzadeh

Chapter 5 in The Knowledge of Culture and the Culture of Knowledge, 2014, pp 111-142 from Palgrave Macmillan

Abstract: Abstract Almost twenty years ago Kuttner observed a culture that ‘prizes risk also reaps insecurity’.1 In Everything for Sale, Kuttner explores the circumstances under which the key objectives of a culture are reduced to the billboard that reads, ‘everything is for a sale’.2 He contends that ‘one thing market society does well is to allow its biggest winners to buy their way out of its pathologies’.3 Using the second best theorem, he also provides ample explanations why the removal of distortions, e.g., regulating the deregulated financial sector, does not improve the overall condition since the problem is more related to fundamentals.

Keywords: Financial Crisis; Financial Institution; Federal Trade Commission; Fiduciary Duty; Federal Deposit Insurance Corporation (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-38352-5_5

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DOI: 10.1057/9781137383525_5

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