Gerald Suttles is professor emeritus of sociology at the University of Chicago and adjunct professor of sociology at Indiana University.
Mark Jacobs is associate professor of sociology at George Mason University
Monday, October 19, 1987, was by far the worst day in Wall Street history. The market fell 22.6 percent – almost twice as bad as the worst day of 1929 – equal to a one-day loss of nearly 5,000 points today.
Black Monday was more than seven years in the making and threatened nearly every U.S. financial institution. Drawing on superlative archival research and dozens of original interviews Diana B. Henriques weaves a tale of missed opportunities, market delusions, and destructive actions that stretched from the “silver crisis” of 1980 to turf battles in Washington, a poisonous rivalry between the New York Stock Exchange and the Chicago Mercantile Exchange, and the almost-fatal success of two California professors whose idea for reducing market risk spun terribly out of control. As the story hurtles forward, the players struggle to forestall a looming market meltdown and unexpected heroes step in to avert total disaster.
For thirty years, investors, regulators, and bankers have failed to heed the lessons of 1987, even as the same patterns have resurfaced, most spectacularly in the financial crisis of 2008. A First-Class Catastrophe offers a new way of looking not only at the past, but at our financial future as well.
Volume 1: Business as Usual
Volume 2: The Deepening Crisis
Volume 3: Aftermath
The three volumes are linked by a common introduction and can be purchased individually or as a set.
The authors create an analytic framework within which to describe and compare the enormous range of relationships between two persons. They detail the shape and structure of such relationships, consider their organizational dynamics, their range and the nature of deviance in them, and point out analytical variables and dimensions upon which relationships can be located for comparative purposes. Organizational change in terms of how relationships are formed, developed, and transformed is covered, as is their function and dysfunction for the individual and society.
By regarding social relationships consistently from the viewpoint of social organization theory, the book assimilates them to sociological concepts in general, but with an eye to the social psychological and organizational features that render them distinctive as a type. Friendship as a Social Institution sustains the study of friendship by making distinctions and outlining the problems connected with the study of social relationships.