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Mitchel Abolafia is known as the pioneer of the modern sociology of finance. In this book, his magnum opus, he uses the protocols from the meetings of the Federal Reserve to analyze how its members thought and deliberated during the financial crisis of 2008. As the reader will find out, by having this single focus, the author is able to provide several new puzzle pieces to what actually happened during this momentous event. -- Richard Swedberg, author of <i>The Art of Social Theory</i> The Federal Open Market Committee is one of the most important decision-making bodies in the world. Its officials must gaze into the uncertain world of the economy and try to predict what might happen next. Stewards of the Market unpacks the black box of their deliberations by focusing on how they came to understand the financial crisis of 2008. This fascinating book should be of interest to anyone who wants to understand how the Federal Reserve missed the crisis but saved the economy. -- Neil Fligstein, author of <i>The Transformation of Corporate Control</i> This riveting book shows, in real time and in great detail, how members of the Federal Reserve tried to make sense of the 2008 financial crisis. Abolafia shows that for all of their immense knowledge, the Fed's members found themselves relying on culturally-defined scripts and grasping at straws, blinded by an almost religious faith in the self-correcting character of the financial markets. Yet unlike many critics, Abolafia treats his subjects with respect, acknowledging the enormity of the difficulties they faced. This book is essential reading for anyone who hopes to understand the previous crisis, as well as those hoping to prevent the next one. -- Mark Mizruchi, author of <i>The Fracturing of the American Corporate Elite</i>

Mitchel Abolafia is known as the pioneer of the modern sociology of finance. In this book, his magnum opus, he uses the protocols from the meetings of the Federal Reserve to analyze how its members thought and deliberated during the financial crisis of 2008. As the reader will find out, by having this single focus, the author is able to provide several new puzzle pieces to what actually happened during this momentous event.--Richard Swedberg, author of The Art of Social Theory This riveting book shows, in real time and in great detail, how members of the Federal Reserve tried to make sense of the 2008 financial crisis. Abolafia shows that for all of their immense knowledge, the Fed's members found themselves relying on culturally-defined scripts and grasping at straws, blinded by an almost religious faith in the self-correcting character of the financial markets. Yet unlike many critics, Abolafia treats his subjects with respect, acknowledging the enormity of the difficulties they faced. This book is essential reading for anyone who hopes to understand the previous crisis, as well as those hoping to prevent the next one.--Mark Mizruchi, author of The Fracturing of the American Corporate Elite The Federal Open Market Committee is one of the most important decision-making bodies in the world. Its officials must gaze into the uncertain world of the economy and try to predict what might happen next. Stewards of the Market unpacks the black box of their deliberations by focusing on how they came to understand the financial crisis of 2008. This fascinating book should be of interest to anyone who wants to understand how the Federal Reserve missed the crisis but saved the economy.--Neil Fligstein, author of The Transformation of Corporate Control

Mitchel Abolafia is known as the pioneer of the modern sociology of finance. In this book, his magnum opus, he uses the protocols from the meetings of the Federal Reserve to analyze how its members thought and deliberated during the financial crisis of 2008. As the reader will find out, by having this single focus, the author is able to provide several new puzzle pieces to what actually happened during this momentous event. -- Richard Swedberg, author of <i>The Art of Social Theory</i> The Federal Open Market Committee is one of the most important decision-making bodies in the world. Its officials must gaze into the uncertain world of the economy and try to predict what might happen next. Stewards of the Market unpacks the black box of their deliberations by focusing on how they came to understand the financial crisis of 2008. This fascinating book should be of interest to anyone who wants to understand how the Federal Reserve missed the crisis but saved the economy. -- Neil Fligstein, author of <i>The Transformation of Corporate Control</i> This riveting book shows, in real time and in great detail, how members of the Federal Reserve tried to make sense of the 2008 financial crisis. Abolafia shows that for all of their immense knowledge, the Fed's members found themselves relying on culturally-defined scripts and grasping at straws, blinded by an almost religious faith in the self-correcting character of the financial markets. Yet unlike many critics, Abolafia treats his subjects with respect, acknowledging the enormity of the difficulties they faced. This book is essential reading for anyone who hopes to understand the previous crisis, as well as those hoping to prevent the next one. -- Mark Mizruchi, author of <i>The Fracturing of the American Corporate Elite</i> A detailed analysis of how the Federal Reserve transformed itself from a passive to an active regulator of the financial market...A fascinating read for researchers in economic, political, and comparative/historical sociology...Abolafia elegantly decodes the economic jargon with a page-turning narrative. -- Ken-Hou Lin * Contemporary Sociology * This is a great book...Those who are interested in the history of monetary policy will take away many important lessons about the Fed, and how the Fed's leaders and the institution itself, learned to adapt their policies to the new economic paradigm it faced. -- Harvey Rosenblum * Business Economics *

The Federal Open Market Committee is one of the most important decision-making bodies in the world. Its officials must gaze into the uncertain world of the economy and try to predict what might happen next. Stewards of the Market unpacks the black box of their deliberations by focusing on how they came to understand the financial crisis of 2008. This fascinating book should be of interest to anyone who wants to understand how the Federal Reserve missed the crisis but saved the economy.--Neil Fligstein, author of The Transformation of Corporate Control Mitchel Abolafia is known as the pioneer of the modern sociology of finance. In this book, his magnum opus, he uses the protocols from the meetings of the Federal Reserve to analyze how its members thought and deliberated during the financial crisis of 2008. As the reader will find out, by having this single focus, the author is able to provide several new puzzle pieces to what actually happened during this momentous event.--Richard Swedberg, author of The Art of Social Theory This riveting book shows, in real time and in great detail, how members of the Federal Reserve tried to make sense of the 2008 financial crisis. Abolafia shows that for all of their immense knowledge, the Fed's members found themselves relying on culturally-defined scripts and grasping at straws, blinded by an almost religious faith in the self-correcting character of the financial markets. Yet unlike many critics, Abolafia treats his subjects with respect, acknowledging the enormity of the difficulties they faced. This book is essential reading for anyone who hopes to understand the previous crisis, as well as those hoping to prevent the next one.--Mark Mizruchi, author of The Fracturing of the American Corporate Elite

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Mitchel Y. Abolafia is Professor at the Rockefeller College of Public Affairs and Policy, University at Albany, State University of New York. He has taught at Cornell’s Johnson School of Management and MIT’s Sloan School of Management and is the author of Making Markets: Opportunism and Restraint on Wall Street.

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