A team of scholars with backgrounds in criminology, sociology,
economics, business, government regulation, and law examine the
historical, social, and cultural causes of the 2008 economic
crisis. Essays probe the workings of the toxic subprime loan
industry, the role of external auditors, the consequences of Wall
Street deregulation, the manipulations of alpha hedge fund
managers, and the "Ponzi-like" culture of contemporary capitalism.
They unravel modern finance's complex schematics and highlight
their susceptibility to corruption, fraud, and outright
racketeering. They examine the involvement of enablers, including
accountants, lawyers, credit rating agencies, and regulatory
workers, who failed to protect the public interest and enforce
existing checks and balances. While the United States was "ground
zero" of the meltdown, the financial crimes of other countries
intensified the disaster. Internationally-focused essays consider
bad practices in China and the European property markets and draw
attention to the far-reaching consequences of transnational money
laundering and tax evasion schemes. By approaching the 2008 crisis
from the perspective of white collar criminology, contributors
build a more general understanding of the collapse and crystallize
the multiple human and institutional factors preventing capture of
even the worst offenders.
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