On Wall Street Analysis

I decided to read and analyze the article titled “Why is it so difficult to rein in Wall Street”. The article describes the difficulties there are to reform on Wall Street. This is due to the “industrial elite” that reside at the throne of major industries. These includes all of the CEOs leading the billion dollar investment and banking corporations. Many political figures use the lack of reform that has happened to Wall Street as a key point in their policy. For example, Bernie Sanders said “If I were elected President the foxes would no longer guard the henhouse”. This is referring to the “foxes” as the elite business CEOs and the “henhouse” meaning Wall Street, in which all of the working class is held. These “foxes” use their position, …show more content…
In sociology this working class is sometimes referred to as the bourgeoisie. In a capitalist society the bourgeoisie are those who have enough social and cultural capital due to working, although they are given this capital by the elite. This elite has the power and knowledge to provide for the bourgeoisie. Although, the bourgeoisie can be manipulated by this powerful elite because they have all the power. In sociology this is referred to as the social conflict theory. The concept was originally introduced by Marx. The basis behind the power is that there is a separation in power within society. Due to this separation, those with greater power have the ability to exploit those with less power because they have the means to do so. This relates almost directly to the situation on Wall Street because the wealthy business owners use their power to manipulate the working class. As the article says the top executives on Wall Street use an “Authoritative Voice” to assert their power because of their …show more content…
Those who have the ability to feed us information, also have the ability to manipulate it. For example, media feeds us information every day, but they also have the ability to promote a bias perspective of certain issues. Anybody with the power to do so can easily manipulate the way that the public thinks of the issue. This is because one entity has more power than the other and therefor takes over a more powerful role in society. People alone do this as well as entire groups of people. These people are promoting themselves or who they belong to as a stronger entity than another. This in itself is an example of Hegemony. Hegemony is the Sociological belief that one group asserts power over another. This happens all over, such as in gender, race, and society in general. Cultural Hegemony however has a bit different of a meaning. Cultural Hegemony as a concept means that one entity holds power over another, or asserts itself over another and with that position they manipulate the beliefs of others. Once a group of people holds enough power, or is seen as being in a higher class, then they have the ability to manipulate those in lower classes because of their position. This is seen in Wall Street especially. Those executives who have had a say in the market for such a long time have been able to do so because of their ability to manipulate others beliefs. For example, “executives highlight on the

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