How Movies Created the Financial Crisis
Larry E. Ribstein (Deceased)
University of Illinois College of Law; PERC - Property and Environment Research Center
November 1, 2009
Michigan State Law Review, Winter 2009
U Illinois Law & Economics Research Paper No. LE09-029
Narrative makes sense out of reality and can forcefully persuade listeners to a particular point of view. Artists in general have a narrative of business which springs from their belief that at least some aspects of business are antithetical to art. Filmmakers add to this a resentment of the constraints capital places on their art. Film is particularly persuasive because of its vivid images and because of the consistency of filmmakers’ anti-capitalist perspective on business. Filmmakers’ negative portrayal of capitalists has helped to prepare the public to believe that capitalists - and not government, economic cycles, greedy people or business generally - caused the financial crisis. This will help the public accept a regulatory agenda built on this premise, specifically including the regulation of hedge funds.
Number of Pages in PDF File: 16
Keywords: Film, business regulation
JEL Classification: G38, K20, K22, L21, L51working papers series
Date posted: November 3, 2009
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