Perceptions of the global financial crisis in the US, UK, Canada and Australia: a comparative editorial analysis of the legitimacy of finance
Bibliographic record
Abstract
The Global Financial Crisis (GFC) is seen as arising from a new social structure of accumulation that institutionalised a neoliberal form of capitalism post the 1980s. This gave rise to “financialization,” which has increased both the power of financial markets over other economic sectors, and of financial market actors over national governments. However, while the neoliberal ideology underpinning financialization had a global impact, it sprang from the leading free market economies of the US and UK and was most readily embraced by states sharing their institutional support for it, such as Australia and Canada. But to what extent has it been questioned in these states since the crisis? In this article we examine perceptions of the legitimacy of finance via a 6 year comparative study of editorials in the mainstream press over 2007–2012. We do so because shifts in perceptions of the legitimacy suggest the extent to which the GFC produced the potential for more fundamental institutional change. We find that rather than this legitimacy having been undermined, or transformed, existing viewpoints instead hardened over the period considered. This indicates that, despite regulatory reform, the power of finance remains relatively unchanged.
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How this classification was reachedexpand
Full frame distilled prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. Learned from the 10,348 direct Codex labels and 10,348 direct Gemma labels. Candidate is the union of thresholded teacher heads; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels or direct frontier model labels.
Codex and Gemma teacher scores by category
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.000 | 0.000 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.000 | 0.000 |
| Bibliometrics | 0.000 | 0.001 |
| Science and technology studies | 0.000 | 0.000 |
| Scholarly communication | 0.000 | 0.000 |
| Open science | 0.000 | 0.000 |
| Research integrity | 0.000 | 0.000 |
| Insufficient payload (model declined to judge) | 0.000 | 0.000 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one teacher head, not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".