CAPITALISM, KINSHIP, AND FRAUD The Case of Bernie Madoff

Investment broker Bernie Madoff ran what is still considered the largest Ponzi scheme in history, defrauding thousands of investors over a 20-year period of more than $20 billion. He worked his game almost entirely through kinship connections—relatives, friends of relatives, and relatives of friends. The relationship between kinship and capitalism has drawn renewed attention by anthropologists, part of a broader effort to rethink capitalism not as a free-standing ‘economy’ but as deeply embedded in a wide range of social relations. In this article I use the Madoff case to illustrate, and develop further, several aspects of the kinship/capitalism connection. I also consider briefly the boundary between fraud and ‘legitimate’ capitalism, which many economic historians consider a fuzzy boundary at best

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Also CSST Working Paper #56.http://deepblue.lib.umich.edu/bitstream/2027.42/51213/1/446.pd

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Peer Reviewedhttp://deepblue.lib.umich.edu/bitstream/2027.42/73004/1/aa.1993.95.3.02a00170.pd

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