This article shows how elite stockbrokers Cazenove and Co. responded to the 'Big Bang' deregulation of the financial sector in 1986, using social networks and inherited practices to navigate an ostensibly technical and modernizing revolution. The Thatcher administration's reform of the London Stock Exchange was an economic enterprise intended to end restrictive practices and open the City to competition. A more open meritocratic financial sector marked the 'death of gentlemanly capitalism' and coalesced with a political agenda for entrepreneurialism and popular capitalism. Yet this case study shows how Cazenove's culture drove its strategy, that privilege and hierarchy were sustained by influential cross-sector networks, and that there was resistance to change, even though technological change and new financial instruments were embraced as part of a strategy which mixed innovation with tradition. Essentially, elite networks persisted in the 1980s deregulated economy, as established relationships were used to optimum effect and became more important after Big Bang. A more mutually supportive relationship between finance and industry than has hitherto been imagined is also demonstrated. By showing how a modernizing revolution was navigated using social networks and traditions, this article restores the role of culture to financial history. It also contributes to a body of work in twentieth-century British history which challenges the perception that neoliberal ideas were consistently applied under Thatcherism and complicates the notion of a coherent Thatcherite project.

中文翻译：

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卡兹国王：嘉诚、撒切尔主义和 1980 年代的金融革命

本文展示了精英股票经纪人 Cazenove and Co. 如何应对 1986 年金融部门的“大爆炸”放松管制，利用社交网络和继承的实践来驾驭表面上的技术和现代化革命。撒切尔政府对伦敦证券交易所的改革是一项经济企业，旨在结束限制性做法并开放伦敦市的竞争。更加开放的精英金融部门标志着“绅士资本主义的消亡”，并与企业家主义和大众资本主义的政治议程相结合。然而，这个案例研究显示了嘉诚的文化如何推动其战略，特权和等级制度由有影响力的跨部门网络维持，并且存在对变革的抵制，尽管技术变革和新的金融工具被视为将创新与传统相结合的战略的一部分。从本质上讲，精英网络在 1980 年代放松管制的经济中仍然存在，因为既定的关系被用来达到最佳效果，并且在大爆炸之后变得更加重要。金融和工业之间的相互支持关系比迄今为止想象的更加相互支持。通过展示如何使用社交网络和传统来驾驭现代化革命，本文恢复了文化在金融史中的作用。它还为 20 世纪英国历史上的一系列工作做出了贡献，这些工作挑战了新自由主义思想一直在撒切尔主义下应用的看法，并使连贯的撒切尔主义项目的概念复杂化。