16 Pages Posted: 3 Nov 2009
Date Written: November 1, 2009
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.
Keywords: Film, business regulation
JEL Classification: G38, K20, K22, L21, L51
Suggested Citation: Suggested Citation
Ribstein, Larry E., How Movies Created the Financial Crisis (November 1, 2009). Michigan State Law Review, Winter 2009; U Illinois Law & Economics Research Paper No. LE09-029. Available at SSRN: https://ssrn.com/abstract=1498702 or http://dx.doi.org/10.2139/ssrn.1498702