Max Weber was the foundational theorist of conflict theory (White, Haines and Asquith, 2012). Conflict theory proposes that due to the competition for minimal resources, society is in a state of continual conflict (White, Haines and Asquith, 2012). It argues that instead of society being dominated by consensus and conformity, social order is in fact sustained by domination and power (White, Haines and Asquith, 2012). Weber argues that power is demonstrated through three ways including class, status and parties (White, Haines and Asquith, 2012). He suggests that conflict will always exist between different groups and there will be a battle …show more content…
Conflict theory helps us to comprehend the social mechanics that lie behind competing groups in society and groups that compete where there is a significant power difference (White, Haines and Asquith, 2012). Conflict theory is instrumental in assisting us to understand why conflict of interests exist in society (White, Haines and Asquith, …show more content…
The governments’ response to the GFC was the introduction of the ‘Emergency Economic Stabilization Act 2008’ (Ciro, 2012). The program was not received positively in Congress (Ciro, 2012). The program was regarded as concessions been made to the corrupt organisations at the cost of hard working individuals and their families (Ciro, 2012). The Obama government made allowances to protect the self-interests of major capitalists and shifted blame away from the organisations involved (Ferguson, 2012). The government did little to hold those to account and they didn’t make recommendations for the corrupt organisations involved to have their profits seized (Ferguson, 2012). There is a dictatorship of economic capital that exerts its authority under conditions of crisis (Quinney,