This article focuses in the allocation of financial risks from the viewpoint of social justice. In contemporary society, finance and the related risk allocation patterns have become highly important in determining the social positions of individuals. Yet it is somewhat unclear how ‘financial risks’ should be understood in normative theory and to what extent their allocation is a specific problem of justice. This article consists of a definition of this category and a typology of three different and distinctive perspectives to financial risks and social justice, out of which a synthesis is drawn. The contribution of the article is to propose a normative basis for a research programme on risks and justice in the society of high financialisation.
My goal in this forum essay is to brush the dust off Claude Meillassoux’s (1981) magnum opus, Maidens, Meal and Money, by demonstrating its relevance for the present day. While Meillassoux wrote primarily about precapitalist agricultural communities, he had sketched on their basis a model of social reproduction that incorporates social investments and powers, and he foregrounded the hierarchical and exploitative reproductive orders by which capitalism sustains accumulation. In the context of a renewed interest by feminist scholars in questions of social reproduction, I argue that the analytical tools developed by Meillassoux are at least as helpful in making sense of the age of financialization.
Abraham L. Newman
Since the end of World War II, scholars have attempted to make sense of Germany's insistent multilateralism. Many concluded that this sacrifice resulted from a deeply ingrained political identity that stressed international cooperation and shunned parochial national politics. More recently, however, German leadership has suggested a willingness to weaken its role as global altruist and reassert its interests in Europe and abroad. This article argues that core German attitudes towards regional and global cooperation have changed. But rather than a shift to "national self-interests," I argue that the unification process elevated long-held beliefs about policy conservatism and caution that now compete with the postwar multilateral policy frame within the foreign policy elite. In addition to the pro-European, multilateralist agenda, a second powerful lesson of the interwar period emphasized the dangers associated with sudden change and the benefits of incrementalism. Owing to the uncertainty associated with sociopolitical events, decision makers must rely on their beliefs about how the world works to guide their decisions. To explore the relationship between beliefs and Germany's regional policy, the paper examines the government's regional response to the post 2008 financial crisis and the banking crisis in Eastern Europe.
This chapter investigates the reforms of some important and distinctive sectors of the Italian financial system: the banche popolari and the fondazioni bancarie. These reforms are particularly relevant in the list of events that have marked the year 2015 because they are inextricably intertwined with revisions in the EU supervisory and regulatory architecture and because they are an integral part of the broader government plan to revive economic growth after the fiscal crisis. In particular, the chapter analyzes the long- and short-term factors that set the stage for the reforms to take place. These include transformations in the large cooperative banks and the inaction of key parts of the domestic financial sector with regard to legislative and structural changes; competitive pressures deriving from the buildup of European financial integration; and the backing of domestic and international regulators such as the Bank of Italy, the IMF, and the EU Commission, among others.
The education policies of Berlusconi’s fourth government have been
characterized by a certain decision-making efficiency, when compared
with those of the governments that immediately preceded it (both Prodi
III and Berlusconi II and III). In fact, in the first two and a half years of the 16th Legislature, there have been decisions that will have a significant
impact on the educational system, and it should be emphasized
that many of these have actually been put into effect or are in the
first stage of implementation. The minister of education, Mariastella
Gelmini, has therefore clearly shown greater decision-making abilities
than her predecessors. She has taken advantage of the fact that she
has been able to develop her strategy via a “financial” route, with
educational rule-making informed by Law No. 133/2008, which contains
“urgent measures for economic development and for the simplification,
competitiveness, and stabilization of public finance and tax
This article is built on a close reading of the use of the term 'calculation' by Max Weber. On the basis of this reading, I argue for a deeper understanding of Weber's views on uncertainty in the Calvinist ethos, and for a new approach to some key issues in the moral and discursive world of financial capital today, in which accounting, accountability and profit-making have become dangerously delinked from one another.
Governmentality and profit extraction through fabricated abundance and imposed scarcity in Peru and Spain
Ismael Vaccaro, Eric Hirsch and Irene Sabaté
As a result of the financialization of household and national economies, indebtedness has become a system of domination shaping the making of contemporary subjects. Th is sort of governmentality through debt is a multifaceted phenomenon affecting people’s economic and political behavior in both the North and the South. Disguised and legitimized by the moral obligation to repay debts, and by promises of upward social mobility (for the working classes in the North) and of development (for the population of the Global South), indebtedness disciplines households and neutralizes political agency under finance capitalism, as our ethnographic examples on the mortgage crisis in Spain and on microfinance in Peru reveal.
Richard H. Robbins
Interrelationships among money, debt, and economic growth create a financial system that provides a steady stream of income to banks and private investors— the proverbial 1 percent. However, because economists obscure these interrelationships, threats to the maintenance of the monetary streams of the elite are underreported. Consequently, increasing shares of national incomes must be appropriated to maintain those streams. This article reexamines the nature of and relationships among money, debt, and economic growth to understand austerity programs and why rates of economic growth must decline and how governments and elites adjust to this reality. It then suggests alternative ways of addressing the creation of money and the problems arising from the division of society into net debtors and net creditors.
Rethinking the class politics of boredom
Marguerite van den Berg and Bruce O’Neill
Nearly a decade after the global financial crisis of 2008, this thematic section investigates one way in which marginalization and precarization appears: boredom. An increasingly competitive global economy has fundamentally changed the coordinates of work and class in ways that have led to a changing engagement with boredom. Long thought of as an affliction of prosperity, boredom has recently emerged as an ethnographically observed plight of the most economically vulnerable. Drawing on fieldwork from postsocialist Europe and postcolonial Africa, this thematic section explores the intersection of boredom and precarity in order to gain new insight into the workings of advanced capitalism. It experiments with ways of theorizing the changing relationship between status, production, consumption, and the experience of excess free time. These efforts are rooted in a desire to make sense of the precarious forms of living that proliferated in the aftermath of the global financial crisis and that continue to endure a decade later.
an accounting perspective
A feature of globalisation is encouragement of universities to become more businesslike, including adoption of the type of accounting routines and regulations used by businesses. The question debated in higher education policy research is whether this focus on being businesslike is compatible with the statutory public benefit obligations of universities. This question is addressed from a financial-management perspective, drawing on Max Weber's discussion of the effects of accounting in business, governmental and not-for-profit organisations. 1 His approach is applied to three ideal-typical universities, focussing on differences in legal terms of reference and sources of funding. The article argues that the proposed reforms of public-sector accounting will make it difficult (if not impossible) to ascertain whether the publicbenefit aims of not-for-profit universities have been achieved. In addition, once installed, the business systems of accounting will encourage pecuniary rationality at the expense of the traditional value rationalities that ought to govern resource allocation in public-benefit organisations. The interaction between these effects introduces new risks, including the possibility that the controllers of universities may fail in their fiduciary obligations by wasting scarce resources on projects that, according to financial measures, appear profitable while neglecting those that have important public benefit and educational merit.