A hard nut to crack : regulatory failure shows how rating really works

Credit rating agencies such as Moody’s and Standard & Poor’s are key players in the governance of global financial markets. Given the very strong criticism the rating agencies faced in the wake of the global financial crisis 2008, how can we explain the puzzle of their survival? Market and regulatory reliance on ratings continues, despite the shift from a light-touch to a mandatory system of agency regulation and supervision. Drawing on the analysis of rating agency regulation in the US and the EU before and after the financial crisis, we argue that a pervasive, persistent and, in our view, erroneous understanding of rating has supported the never-ending story of rating agency authority. We show how treating ratings as metrics, private goods, and independent and neutral third-party opinions contributes to the ineffectiveness of rating agency regulation and supports the continuing authoritative standing of the credit rating agencies in market and regulatory practices

Attribution and contestation: Relations between elites and other social groups

In this article we explore the often ambiguous relations between elites and other social groups, both subordinate and of relatively equal standing. The article draws on two distinctive ethnographic cases: the white Franco-Mauritian elite, and the expert elite of management consultants in a Western European context. Our analysis of the two cases provides insights into how the power and status of elites is both contested and attributed by the people they interact with and relate to in concrete, yet substantially different contexts and situations. The aim is to show how the position and power of different kinds of elites is relationally negotiated and achieved. As we argue, a better understanding of the role of other social groups in the attribution, maintenance and contestation of status is relevant for understanding both more traditional economic elites and expert elites without tight networks

The anthropology of money and finance : between ethnography and world history

We review here recent developments in the anthropology of money and finance, listing its achievements, shortcomings and prospects, while referring back to the discipline‘s founders a century ago. We take our departure from the work of Marcel Mauss and Karl Polanyi, both of whom combined openness to ethnographic research with a vision of world history as a whole. Since the 1960s, anthropologists have tended to restrict themselves to niche fields and marginal debates. From the 1980s the anthropological study of money and ethnographies of finance especially have taken off. Despite taking on new objects and directions, anthropologists still find it difficult to connect their situated analyses with global processes and world history. We propose some conceptual and empirical directions for research that would seek to overcome these limitations by integrating ethnography more closely with human history, while stressing the importance of money in shaping world society and in attempts to reform it.http://www.annualreviews.org/hb201