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The imaginary constitution of financial crises
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Komporozos-Athanasiou, Aris and Fotaki, Marianna (2020) The imaginary constitution of financial crises. Sociological Review, 68 (5). pp. 932-947. doi:10.1177/0038026119899350 ISSN 0038-0261.
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Official URL: https://doi.org/10.1177/0038026119899350
Abstract
This article proposes an alternative sociological framework for dealing with the imaginary constitution of financial crises. Theorisation of financial crises is often limited by dualistic juxtaposition of the rational and irrational, moral and immoral, calculative and intuitive, thus neglecting the imaginary structuring of such dyads in the construction of financial and fiscal realities. To address this lacuna, we introduce ideas from philosopher Cornelius Castoriadis, and develop a framework that unpicks the often-suppressed, mediating and generative role of imagination in finance. On the one hand, we show how dominant forms of imagination enable the financialisation of contemporary societies, serving to sustain existing debt practices and lender–debtor relationships. On the other hand, we propose a re-animated ‘sociological imagination’ that offers potential avenues for establishing alternative social visions of the future that will enable re-thinking of the nature of debt, money and financial institutions.
Item Type: | Journal Article | ||||||||
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Subjects: | H Social Sciences > HB Economic Theory | ||||||||
Divisions: | Faculty of Social Sciences > Warwick Business School | ||||||||
Library of Congress Subject Headings (LCSH): | Financial crises, Constitutional law -- Social aspects, Debt -- Social aspects, Macroeconomics | ||||||||
Journal or Publication Title: | Sociological Review | ||||||||
Publisher: | Sage Publishing | ||||||||
ISSN: | 0038-0261 | ||||||||
Official Date: | 1 September 2020 | ||||||||
Dates: |
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Volume: | 68 | ||||||||
Number: | 5 | ||||||||
Page Range: | pp. 932-947 | ||||||||
DOI: | 10.1177/0038026119899350 | ||||||||
Status: | Peer Reviewed | ||||||||
Publication Status: | Published | ||||||||
Reuse Statement (publisher, data, author rights): | Posted ahead of print. Fotaki, Marianna (2020) The imaginary constitution of financial crises. Sociological Review. Copyright © 2020 The Author. Reprinted by permission of SAGE Publications. DOI: [DOI] | ||||||||
Access rights to Published version: | Restricted or Subscription Access | ||||||||
Date of first compliant deposit: | 17 January 2020 | ||||||||
Date of first compliant Open Access: | 30 January 2020 | ||||||||
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