Communication Failure and the Financial Crisis

Publisher:
Taylor and Francis
Publication Type:
Journal Article
Citation:
Globalisations, 2013, 10 (3), pp. 367 - 381
Issue Date:
2013-01
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The financial crisis is, amongst other things, a crisis in information. Bad information and bad models became the basis for toxic financial products, bought on faith. This paper argues that the crisis in information begins in the networked corporate workplace, in the structures and drivers of management, and the building of workplace conformity through worker insecurity. This guarantees an environment in which information inaccuracy is normalised. The paper primarily looks at a series of blog posts about peoples experiences in work setting and the world of financial capital, during the financial crisis which began in 2008. The supposed rationality of capitalism and capitalists desire for control over markets, is undermined by its own uncontrolled and computerised extension. Disorder in information is shown to be a normal part of managerial dynamics. People can realise and be affected by these problems without necessarily seeming to be motivated to act against them.
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