Capitalism, Kinship, and Fraud: The Case of Bernie Madoff – Social Analysis – article

Capitalism, Kinship, and Fraud: The Case of Bernie Madoff

Sherry B. Ortner | Social Analysis

2019-10-22

Investment broker Bernie Madoff ran what is still considered the largest Ponzi scheme in history, defrauding thousands of investors over a 20-year period of more than $20 billion. He worked his game almost entirely through kinship connections—relatives, friends of relatives, and relatives of friends. The relationship between kinship and capitalism has drawn renewed attention by anthropologists, part of a broader effort to rethink capitalism not as a free-standing ‘economy’ but as deeply embedded in a wide range of social relations. In this article I use the Madoff case to illustrate, and develop further, several aspects of the kinship/capitalism connection. I also consider briefly the boundary between fraud and ‘legitimate’ capitalism, which many economic historians consider a fuzzy boundary at best.

Bookmark

Your comment

Scroll to Top