Crisis is governance : sub-prime, the traumatic event, and bare life
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).
Text (working paper)
WRAP_Brassett_26810.pdf - Published Version
Download (463Kb) | Preview
Official URL: http://www2.warwick.ac.uk/fac/soc/csgr/research/wo...
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|
|Status:||Not Peer Reviewed|
|Access rights to Published version:||Restricted or Subscription Access|
|References:||Agamben, G. (1998) Homo Sacer: Sovereign Power and Bare Life, (Stanford: Stanford University Press). Agamben, G. (2000) Means Without Ends: Notes on Politics, trans. V. Binetti and C. Casarino, (Minnesota: University of Minneapolis Press). Agamben, G. (2004) ‘Interview with Giorgio Agamben—A Life, A Work of Art Without an Author: The State of Exception, the Administration of Disorder and Private Life’, German Law Review, 5, 5: 609-614. Agamben, G. (2005) State of Exception, (Chicago and London: University of Chicago Press). Agamben, G. (2009) What is an apparatus? And other essays, trans. D. Kishik and S. Pedatella (Stanford: Stanford University Press) Amoore, L. (2007) ‘Vigilant Visualities: The Watchful Politics of the War on Terror’, Security Dialogue, 38, 2: 215-232. W. Benjamin (2003) ‘On the Concept of History’, in: H. Eiland and M. Jennings (eds.), Walter Benjamin: Selected Writings, Volume 4, 1938-1940, (Cambridge, MA and London: The Bellknap Press of Harvard University Press). Bigo, D. (2007) ‘Detention of Foreigners, States of Exception, and the Social Practices of Control of the Banopticon’, in: P.Kumar Rajaram and C. Grundy-Warr (eds.) Borderscapes: Hidden Geographies and Politics at Territory’s Edge, (Minnesota: University of Minnesota Press), pp. 3-34. Brassett, J. And Clarke, C. (2010) ‘Performing the Sub-Prime Crisis: Trauma Fear and Shame as Governmentalities of the Financial Subject’. GARNET Working Paper No. 77/10 Brassett, J., Rethel, L. And Watson, M (2010) 'The Political Economy of the Sub-Prime Crisis: The Economics, Politics and Ethics of Response' in New Political Economy 15(1): 1- 8. Brown, Gordon (2008) ‘Speech to the Lord Mayor’s Banquet’, 10/11/08 Transcript: http://webarchive.nationalarchives.gov.uk/+/number10.gov.uk/news/speechesandtranscripts/ 2008/11/speech-to-the-lord-mayors-banquet-17419 [accessed 31/05/10] Buzan, B., O. Wæver, and J. de Wilde (1998) Security: A New Framework for Analysis (London and Boulder, CO: Lynne Rienner). Caldwell, A. (2004) ‘Bio-Sovereignty and the Emergence of Humanity’, Theory and Event, 7, 2. Clark, Gordon, (2005) ‘Money Flows Like Mercury: The Geography of Global Finance’, in Geografiska Annaler, 87(2): 99-112. Clark, Gordon L., Thrift, Nigel and Tickell, Adam (2004) ‘Performing Finance: The Industry, the Media and its Image’, Review of International Political Economy, 11 (2), pp. 289- 310 Closs Stephens, A. and N. Vaughan-Williams (2008) ‘Introduction: London, terror, time’, in A. Closs Stephens and N. Vaughan-Williams (Eds) Terrorism and the Politics of Response (London and New York: Routledge). Connolly, W. (2004) ‘The Complexity of Sovereignty’, in: J. Edkins, V. Pin-Fat and M. Shapiro (eds.), Sovereign Lives: Power in World Politics, (London and New York: Routledge), pp. 23-41. Dauphinee, E. and C. Masters (eds.) (2007) The Logics of Biopower and the War on Terror: Living, Dying, Surviving, (Basingstoke and New York: Palgrave MacMillan). Dillon, M (2007) ‘Governing Terror: The State of Emergency of Biopolitical Emergence’, International Political Sociology 1, 1: 7-28. Doty, R. (2007) ‘States of Exception on the Mexico-U.S. Border: Security, “Decisions” and Civilian Border Patrols’, International Political Sociology, 1, 1: 113-137. De Goede, M (2000) ‘Mastering Lady Credit’ in International Feminist Journal of Politics, 2(1): 58-81. De Goede, Marieke (2005) Virtue, Fortune, and Faith: A Genealogy of Finance. (Minneapolis, MN: University of Minnesota Press). Dillon M, 2003, `Virtual security: a life science of (dis)order', Millennium: Journal of International Studies, 32: 531-558 Dodd, R (2007) ‘Subprime: Tentacles of a crisis’ Finance and Development: A Quarterly Magazine of the IMF 44(4) Edkins, J. and R.B.J. Walker (eds.) (2000), ‘Zones of Indistinction: Territories, Bodies, Politics’, Special Issue, Alternatives: Global, Local, Political, 25, 1. Edkins, J. (2003) ‘Humanitarianism, humanity, human’, Journal of Human Rights, 2, 2: 253- 8. Edkins, J. (2003) Trauma and the Memory of Politics, (Cambridge: Cambridge University Press). Edkins, J. (2007) ‘Missing Persons: Manhattan 2001’ in, Dauphinee, E. and C. Masters (eds.) The Logics of Biopower and the War on Terror: Living, Dying, Surviving, (Basingstoke and New York: Palgrave MacMillan). Edkins, J. (2007) ‘Whatever politics,’ in: Calarco, M. and S. DeCaroli (eds.) Sovereignty and Life: Essays on Giorgio Agamben, (Stanford: Stanford University Press). Edkins, J. and V. Pin-Fat (2004) ‘Introduction: Life, Power, Resistance’ in J. Edkins, V. Pin- Fat and M. Shapiro (eds.) Sovereign Lives: Power in Global Politics, (London and New York: Routledge), pp. 1-23. Edkins, J. and V. Pin-Fat (2005) ‘Through the wire: Relations of power and relations of violence’, Millennium: Journal of International Studies, 34, 1: 1-25. Edkins, J., V. Pin-Fat and M. J. Shapiro, (eds.) (2004) Sovereign Lives: Power in World Politics,( London and New York: Routledge). Fassin, Didier, and Rechtman, Richard (2007) The Empire of Trauma: An Inquiry into the Condition of Victimhood. Princeton and Oxford: Princeton University Press. Foucault, M. Society Must Be Defended: Lectures at the Collège de France, 1975-76 (London: Penguin, 2003) Goldstein, M. (1999) Safeguarding Prosperity in a Global Financial System: The Future International Financial Architecture. A Report of an Independent Task Force Sponsored by the Council on Foreign Relations, Washington D.C.: Institute for International Economics Kelly, P (2001) ‘Metaphors of Meltdown: political representations of economic space in the Asian financial crisis’, Environment and Planning D, 19(6): 719-742. Langley, Paul (2006) ‘The Making of Investor Subjects in Anglo-American Pensions’, Environment and Planning D: Society and Space, 24, pp. 919-934 Langley, Paul (2008) The Everyday Life of Global Finance: Saving and Borrowing in Anglo- America. Oxford: Oxford University Press Legrain, Philippe (2008) ‘Taking Stock’, guardian.co.uk 07/10/08 http://www.guardian.co.uk/commentisfree/2008/oct/07/banking.marketturmoil [accessed 31/05/10] Lundborg, T. and N. Vaughan-Williams (2010), ‘Discourse Analysis and International Relations: Recovering the Political Force of Materiality’, (Unpublished manuscript). Mason, Paul (2008) ‘This is an Economic Krakatoa’, Idle Scrawl 15/10/08 http://www.bbc.co.uk/blogs/newsnight/paulmason/2008/10/this_is_an_economic_ krakatoa.html [accessed 01/06/10] Montgomerie, J (2008) ‘Spectre of the Subprime Borrower: Beyond a Credit Score Perspective’, CRESC Working Paper Series, No. 58. Neal, A. (2006) ‘Foucault in Guantanamo: Towards an Archaeology of the Exception’, Security Dialogue, 37, 1: 31-46. Neocleous, M. (2006) ‘The Problem with Normality: Taking Exception to “Permanent Emergency”’, Alternatives: Global, Local, Political, 31: 191-293 Preston, Peter, (2009) ‘The Other Side of the Coin: Reading the Politics of the 2008 Financial Tsunami’, in British Journal of Politics and International Relations, 11(3): 504-517. Prozorov, S. (2005) ‘X/Xs: Towards a General Theory of the Exception’, Alternatives: Global, Local, Political, 30, 1: 81-112. Kumar Rajaram, P. and C. Grundy-Warr (2004) ‘The Irregular Migrant as Homo Sacer: Migration and Detention in Australia, Malaysia and Thailand’, International Migration, 42, 1: 33-64. Kumar Rajaram, P. and C. Grundy-Warr (eds.) (2007) Borderscapes: Hidden Geographies and Politics and Territory’s Edge, Minneapolis and London: University of Minnesota Press. Pupavac, Vanessa (2001) ‘Therapeutic Governance: Psycho-social Intervention and Trauma Risk Management’, Disasters, 25(4), pp. 358-372 Rawnsley, Andrew (2010) ‘The Weekend that Gordon Brown Saved the Banks from the Abyss’, The Observer 21/02/10 http://www.guardian.co.uk/politics/2010/feb/21/gordon-brown-saved-banks [accessed 31/05/10] Royal College of Psychiatrists, (2010) ‘Health Leaflet: Post-Traumatic Stress Disorder’ http://www.rcpsych.ac.uk/mentalhealthinfo/problems/ptsd/posttraumaticstressdisorder .aspx (Accessed, 07/04/10) Schmitt, C. (2005) Political Theology: Four Chapters on the Concept of Sovereignty, trans. G. Schwab, 3rd Edition, Chicago and London: the University of Chicago Press. Seabrooke, L. (2010) ‘What Do I Get? The Everyday Politics of Expectations and The Subprime Crisis’, New Political Economy, 15(1): 51–70. Sinclair, Timothy (2010) ‘Round Up the Usual Suspects: Blame and the Subprime Crisis’, New Political Economy, 15 (1), pp. 91-107 Thompson, G. (2009) ‘What’s in the frame? How the financial crisis is being packaged for consumption’, in Economy and Society, 38(3): 520-524. van Munster, R. (2004) ‘The War on Terrorism: When the Exception Becomes the Rule’, International Journal of Semiotics of Law, 17: 141–153. Vaughan-Williams, N. (2007) ‘The Shooting of Jean Charles de Menezes: New Border Politics?’, Alternatives: Global, Local, Political, 32, 2: 177-195. Vaughan-Williams, N. (2009a) Border Politics: The Limits of Sovereign Power (Edinburgh University Press) Vaughan-Williams, N. (2009b) ‘The Generalised Border: Reconceptualising the Limits of Sovereign Power’, Review of International Studies, 35, pp. 729-749. Watson, Matthew (2009b) ‘Headlong into the Polanyian Dilemma: The Impact of Middle- Class Moral Panic on the British Government’s Response to the Sub-prime Crisis’, British Journal of Politics and International Relations, 11 (3), pp. 422-437 Webb, Stephen (2008) ‘Playing the Financial Crisis Blame Game: Foreign Leaders Were Quick at First to Attack the U.S. for Subprime Woes’, ABC News International 09/10/08 http://abcnews.go.com/International/story?id=5987055&page=1 [accessed 31/05/10] Widmaier, W. W. (2010) Emotions Before Paradigms: Elite Anxiety and Populist Resentment From the Asian Crisis to the Subprime Crisis’ in Millennium 39(1): 127-144. Woods, Ngaire (2009) ‘Analysis: Financial Tsunami’, BBC Radio Documentary 19/03/09, Transcript: http://news.bbc.co.uk/nol/shared/spl/hi/programmes/analysis/transcripts/19_03_09.txt [accessed 31/05/10]|
Actions (login required)