num_pages: 392
description: Financial collapseswhether of the junk bond market the Internet bubble or the highly leveraged housing marketare often explained as the inevitable result of market cycles: What goes up must come down. In Liquidated Karen Ho punctures the aura of the abstract all-powerful market to show how financial markets and particularly booms and busts are constructed. 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.Ho who worked at an investment bank herself argues that bankers approaches to financial markets and corporate America are inseparable from the structures and strategies of their workplaces. Her ethnographic analysis of those workplaces is filled with the voices of stressed first-year associates overworked and alienated analysts undergraduates eager to be hired and seasoned managing directors. Recruited from elite universities as the best and the brightest investment bankers are socialized into a world of high risk and high reward. They are paid handsomely with the understanding that they may be let go at any time. Their workplace culture and networks of privilege create the perception that job insecurity builds character and employee liquidity results in smart efficient business. Based on this culture of liquidity and compensation practices tied to profligate deal-making Wall Street investment bankers reshape corporate America in their own image. Their mission is the creation of shareholder value but Ho demonstrates that their practices and assumptions often produce crises instead. By connecting the values and actions of investment bankers to the construction of markets and the restructuring of U.S. corporations Liquidated reveals the particular culture of Wall Street often obscured by triumphalist readings of capitalist globalization.
language: English
title: Liquidated: An Ethnography of Wall Street
publisher: Duke University Press Books