Liquidity Lost: The Governance of the Global Financial Crisis
Paul Langley
Abstract
Contributing to interdisciplinary debates in cultural economy and the social studies of finance, and grounded in extensive empirical research, this book offers an innovative analysis of how the contemporary global financial crisis was governed. Through an exploration of the interventions made by central banks, treasuries, and regulatory authorities in the Anglo-American heartland of the crisis between 2007 and 2011, experimental and strategic apparatuses of crisis governance are shown to have emerged. These discrete apparatuses established six technical problems—liquidity, toxicity, solvency, ... More
Contributing to interdisciplinary debates in cultural economy and the social studies of finance, and grounded in extensive empirical research, this book offers an innovative analysis of how the contemporary global financial crisis was governed. Through an exploration of the interventions made by central banks, treasuries, and regulatory authorities in the Anglo-American heartland of the crisis between 2007 and 2011, experimental and strategic apparatuses of crisis governance are shown to have emerged. These discrete apparatuses established six technical problems—liquidity, toxicity, solvency, risk, regulation, and debt—but also shared certain proclivities and preferences. Crisis governance assembled discourses and devices of economy in relation with sovereign monetary, fiscal, and regulatory techniques, and elicited an affective atmosphere of confidence. It also sought to secure the financialized way of life which turns on the opportunities ostensibly afforded by uncertain financial circulations, and gave rise to post-crisis technical fixes designed to advance the resilience of banking and the macro-prudential regulation of financial stability. Thus, the consensus that prevails across economics, political economy, and beyond—wherein sovereign state institutions are cast as rescuing the markets, banking, or neo-liberal capitalism—conceals a great deal more than it reveals about the governance of the global financial crisis.
Keywords:
global financial crisis,
crisis management,
United States of America,
United Kingdom,
cultural economy,
social studies of finance
Bibliographic Information
| Print publication date: 2014 |
Print ISBN-13: 9780199683789 |
| Published to Oxford Scholarship Online: January 2015 |
DOI:10.1093/acprof:oso/9780199683789.001.0001 |
