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Liquidity Lost: The Governance of the Global Financial Crisis

Langley, P.

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Abstract

•Extensive empirical coverage of the financial crisis management interventions in US and UK in 2007 and 2011 •Provides an innovative contribution to conceptual debates in cultural economy and social studies of finance. •A multidisciplinary source of key information on the financial crisis for researchers and students Contributing to interdisciplinary debates in cultural economy and the social studies of finance, and grounded in extensive empirical research, Liquidity Lost 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 to be acted upon - 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 coming to the rescue of the markets, banking, or neo-liberal capitalism - conceals a great deal more than it reveals about the governance of the global financial crisis.

Book Type Authored Book
Online Publication Date Dec 11, 2014
Publication Date Dec 11, 2014
Deposit Date May 14, 2014
Publicly Available Date Apr 14, 2015
Publisher Oxford University Press
DOI https://doi.org/10.1093/acprof%3Aoso/9780199683789.001.0001
Public URL https://durham-repository.worktribe.com/output/1123654
Publisher URL http://ukcatalogue.oup.com/product/9780199683789.do

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Copyright Statement
This is a draft of a chapter that was accepted for publication by Oxford University Press in the book 'After Liquidity lost : the governance of the global financial crisis, written by Paul Langley and published in 2014.






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