The 2008 Financial Crisis through the Lens of Power Relationships

Abstract

This paper focuses on the financial crisis of 2008 as seen through the lens of power relationships. In particular, what opportunities has it created for strengthening the positions of the economic and political actors vested in power? I pay special attention to the issues of domination by virtue of a constellation of interests in the market. This technique for imposing will was first outlined by Max Weber in Economy and Society ([1922] 1968). Yet, it remains underexplored despite the rich theoretical and practical potential that this concept has, especially in the context of the 2008 crisis and subsequent recovery.

Keywords:

• crisis of 2008
• domination by virtue of a constellation of interests
• power triad
• Recovery Act