Comme tous les grands transporteurs aériens, l’entreprise Air Canada a été très durement frappée par la Grande récession survenue à l’échelle mondiale en 2008. Ses activités et ses revenus ont chuté dramatiquement et, outre des mises à pied et des licenciements collectifs, l’entreprise a cherché à limiter ses coûts de main-d’œuvre en réduisant les avantages des régimes de retraite en vigueur. La présente étude s’inscrit dans le cadre d’une vaste recherche sur la grande entreprise au Canada et le déclin de la citoyenneté au travail. Elle s’intéresse plus particulièrement à l’impact de la crise financière de 2008 sur la dynamique des relations de travail et l’évolution de la citoyenneté au travail chez Air Canada : nous entendons vérifier en particulier si nos hypothèses d’une médiation des interactions entre économie et droit par le politique, d’une part, par les relations industrielles (autonomie collective), d’autre part, se confirment ou non.

This article examines public debates on the legitimacy of banking profits in the 2008 credit crunch. A content analysis of 957 newspaper articles published in Germany and the UK in the early weeks after the Lehman Brothers collapse examines critical statements directed at illegitimate forms of financial profit in order to identify the cultural legitimacy of financial capitalism. The conceptual framework provided by the French sociology of justification points to the role of shared orders of value as a normative reference for public discourses. In both national debates, four important boundaries for legitimate profits were drawn that concerned the problems of ownership, risk-management capacities of traders, fraudulent client relations, and speculative gambling. The meaning of this classical moral criticism of banks was transformed in the context of the 2008 crisis: a line between “normal” and “excessive” financial profits was drawn, defining an area of legitimate profit-seeking that hewed to the basic assumptions of the market model. Economic theory was used as a scheme of public economic morality. The seemingly harsh critical debate effectively reproduced a legitimate image of a functioning financial market, deflecting public attention away from the structural ambivalences of financial profit-seeking and granting legitimacy to the institutional status quo of financial capitalism.

This paper uses theories of small states (e.g. Katzenstein) and nationalism (e.g. Gellner) to explain why Denmark and Ireland responded to the 2008 financial crisis in different ways. In Denmark, a coordinated market economy with considerable corporatism and state intervention, the private sector shouldered much of the financial burden for rescuing the banking sector. In Ireland, a liberal market economy without much corporatism or state intervention, the state shouldered the burden. The difference stems in large part from the fact that Denmark had comparatively thick institutions and a strong sense of nationalism whereas Ireland did not. Lessons for the theories of small states and nationalism are explored.

Looking for new ways to interpret the failings of the neo-liberal economy, this article argues that financialised capitalism at the eve of the 2008 financial crisis showed striking analogies with the characteristic combination of oligopoly and informality of the Soviet economy at the eve of its collapse. State capture by oligopolists, a large "virtual economy", the inability of agencies to obtain insight into economic and financial operations, the short term orientations of managers not coinciding with enterprise viability, and a "mystification of risk" by high science are some of the analogies to be discussed. It is argued that not only the origins but also the aftermath of the crisis may show significant analogies.