Making sense of irrealis in the Global Financial Crisis

McKenna, Bernard and Rooney, David (2012) Making sense of irrealis in the Global Financial Crisis. Culture and Organization, 18 2: 123-137. doi:10.1080/14759551.2011.636615

Author McKenna, Bernard
Rooney, David
Title Making sense of irrealis in the Global Financial Crisis
Journal name Culture and Organization   Check publisher's open access policy
ISSN 1024-5286
Publication date 2012-03
Sub-type Article (original research)
DOI 10.1080/14759551.2011.636615
Volume 18
Issue 2
Start page 123
End page 137
Total pages 15
Place of publication Milton Park, Abingdon, Oxon, U.K.
Publisher Routledge
Collection year 2013
Language eng
Abstract This article analyses the discourse of financial media reports and commentary during the Global Financial Crisis from 2007 to 2009 using an inductive methodology. Contemporary finance capitalism is understood as being founded on irrealis (unreal) products. The analysis reveals how irrealis is construed as realis. Crucial to this is the infusion of macro-level Schumpeterian ideological discourses within the meso-discourse of organizational practice. Also fundamental to finance capitalism were the black-box models of economic behavior and mimetic practices that normalized unrealistic financial performance ontologically, and socially irresponsible and unjust outcomes axiologically. For a little time, the financial press recognized this moral and social disconnectedness. However, although finance capitalism catastrophically failed, there is no sense of a new epistemological or moral foundation having been created.
Keyword Global Financial Crisis
Financial innovation
Real economy
Q-Index Code C1
Q-Index Status Confirmed Code
Institutional Status UQ
Additional Notes Special Issue: Crisis, Critique and the Construction of Normality: Exploring Finance Capitalism’s Discursive Shifts

Document type: Journal Article
Sub-type: Article (original research)
Collections: Official 2013 Collection
UQ Business School Publications
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Citation counts: TR Web of Science Citation Count  Cited 5 times in Thomson Reuters Web of Science Article | Citations
Scopus Citation Count Cited 6 times in Scopus Article | Citations
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Created: Wed, 04 Apr 2012, 10:10:31 EST by Karen Morgan on behalf of UQ Business School