Clearing the Cupboard: The Role of Public Relations in London Clearing Banks’ Collective Legitimacy-Seeking, 1950–1980
This essay conceptualizes and historically documents a negle cted trade association function: legitimacy-seeking. It uses the Committee of London Clearing Bankers case to show how an association can, by using manipulative public relations techniques, fulfil that function for its members. To the circ...
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| Published in: | Enterprise & society 2014-09, Vol.15 (3), p.472-498 |
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Clearing the Cupboard: The Role of Public Relations in London Clearing Banks’ Collective Legitimacy-Seeking, 1950–1980 |
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Article |
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Reveley, James Singleton, John |
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20th century Advertising campaigns Associations Bank clearings Bankers Banking industry Banks Banks and banking Business history Cartels Clearing banks Committee of London Clearing Bankers Committees Cupboards England Financial services Historical analysis History Legitimacy London Nationalization Political campaigns Public relations Studies Television commercials United Kingdom Western Europe |
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Enterprise & society, 2014-09, Vol.15 (3), p.472-498 |
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This essay conceptualizes and historically documents a negle cted trade association function: legitimacy-seeking. It uses the Committee of London Clearing Bankers case to show how an association can, by using manipulative public relations techniques, fulfil that function for its members. To the circumstances that prevent rent-seeking associations from becoming industry level efficiency enhancers, the essay adds a new factor—a political legitimacy crisis. Through the Committee, the banks’ leaders responded to such a crisis in the 1970s prompted by the threat of bank nationalization. The case yields the following generalizable point. When members are faced with an external legitimacy threat, a trade association, even one with a history of collaborative learning, can get stuck at the rent-seeking end of the associational spectrum. By morphing from a cartel into merely a vehicle for asserting its members’ political legitimacy through instrumental public relations, this is just where the Committee remained on that continuum. |
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eng |
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International Bibliography of the Social Sciences (IBSS); Cambridge Journals Online; JSTOR Archival Journals and Primary Sources Collection |
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ISSN: 1467-2227 |
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It uses the Committee of London Clearing Bankers case to show how an association can, by using manipulative public relations techniques, fulfil that function for its members. To the circumstances that prevent rent-seeking associations from becoming industry level efficiency enhancers, the essay adds a new factor—a political legitimacy crisis. Through the Committee, the banks’ leaders responded to such a crisis in the 1970s prompted by the threat of bank nationalization. The case yields the following generalizable point. When members are faced with an external legitimacy threat, a trade association, even one with a history of collaborative learning, can get stuck at the rent-seeking end of the associational spectrum. 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