Speculators: Culture,economy and the legitimation of deviance

This article is a continuation and development of the author's thesis regarding deviant activity in the financial markets of the City of London. The thesis proposes that deviant activity in financial institutions has become legitimated in the sense of the failure of external regulatory controls to enforce order against the internally generated subcultural codes of practice which have developed consequent upon the forces of economic imperative (the ideology of excellence in the enterprise culture) and globalisation (the technological revolution). The thesis originally dealt with the period between 1984–1989 which was one characterised as “Casino Capitalism”. The current development of the thesis examines its continued relevance and proposes number of additional supporting elements and examples in its deployment as a critique of deviant financial activity.