The Political Economy of Corruption and Lobbying: The Case of the UK's Greensill Scandal

This study uses Bourdieu’s political economy framework to examine how corruption and lobbying practices are structured in the field, and how private sectors actors draw on their resources to lobby government officials to change rules in the pursuit of profits. The case of the UK’s Greensill scandal illustrate how corporate actors deploy their resources to lobby government officials and structure their deals to avoid regulatory barriers. The findings reveal that private sector actors used complex structures involving Special Purpose Vehicles (SPVs), banks and trusts that operated across national jurisdictions to avoid regulatory barriers and redirect economic flows. The findings reveals that there is a revolving door between the public sector and private sector which provides the latter with privilege access to government officials. The findings also highlight that anti-corruption barriers were largely ineffective in making actors accountable for their behaviour.