What economists forgot (and what Wall Street and the City never learned): A sociological perspective on the crisis in economics

The article presents a figurational sociological perspective on the recent history of the discipline of economics in the wake of the global financial crisis or 'Great Recession' that began in 2007-8. It is argued that the orthodox mainstream of economics has provided ideological cover for abstract individualism, for short-term greed, and for the denial of the wider social responsibilities of business and finance. The faith in 'free markets' has been associated with a blindness to power relationships and an indifference to economic inequality. Orthodox economics is congruent with the mythical American Dream. The article draws upon the writings of Norbert Elias to reflect upon economics, and then in turn uses those reflections to raise some questions about Elias's theories, particularly his ideas concerning functional democratization and increasing pressures towards more habitual foresight.