Brassett, James and Vaughan-Williams, Nick (2010) Crisis is governance : sub-prime, the traumatic event, and bare life. Working Paper. Coventry: University of Warwick. Centre for the Study of Globalisation and Regionalisation. CSGR Working Papers, Vol.2010 (No.268).

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Abstract

The article provides a critical analysis of the role of discourses of trauma and the traumatic event in constituting the ethico-political possibilities and limits of the subprime crisis. It charts the invocation of metaphors of a financial Tsunami and pervasive media focus on
emotional ‘responses’ like fear, anger, and blame, suggesting that such traumatic discourses
constituted the subprime crisis as a singular and catastrophic ‘event’ demanding of particular
(humanitarian) responses. We draw upon the thought of Giorgio Agamben to render this constituted logic of event and response in terms of the concomitant production of bare life; the savers and homeowners who became ‘helpless victims’ in need of rescue. We therefore
tie the ongoing production of the sovereign power of global finance to broader processes that
entail the enfolding and securing of everyday financial subjects. These arguments are illustrated via an analysis of three subjects: the economy, bankers and borrowers. We argue that it was the movement between subject positions – from safe to vulnerable, from
entrepreneurial to greedy, from victim to survivor, etc. - that marked out the effective manner
of governance, confirming in this process sovereign categories of financial citizenship, asset
based welfare, and securitisation that many would posit as the very problem. In short, (the
way that the) crisis (was constituted) is governance.

Item Type:	Working or Discussion Paper (Working Paper)
Subjects:	H Social Sciences > HC Economic History and Conditions
Divisions:	Faculty of Social Sciences > Centre for the Study of Globalisation and Regionalisation Faculty of Social Sciences > Politics and International Studies
Library of Congress Subject Headings (LCSH):	Global Financial Crisis, 2008-2009, Great Britain -- Economic conditions -- 21st century -- Press coverage
Series Name:	CSGR Working Papers
Publisher:	University of Warwick. Centre for the Study of Globalisation and Regionalisation
Place of Publication:	Coventry
Official Date:	2010
Dates:	Date Event 2010 Published
Volume:	Vol.2010
Number:	No.268
Status:	Not Peer Reviewed
Publication Status:	Published
Access rights to Published version:	Restricted or Subscription Access
Date of first compliant deposit:	1 August 2016
Date of first compliant Open Access:	1 August 2016

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