The fourth power?

Review of Joseph Vogl (2017), The Ascendancy of Finance, trans. Simon Garnett, Cambridge: Polity Press.
First published in German as Der Souveränitätseffekt (2015), Zürich-Berlin: diaphanes.

Appeared in New Left Review 110, March-April 2018, pp. 141-150

Like blood in Goethe’s Faust, money ‘is a very special fluid’. It circulates in the body political-economic, whose sustenance depends on its liquidity. [1] And it is surrounded by mystery. In fact, money is easily the most unpredictable and least governable human institution we have ever known. Allegedly invented as a general equivalent, to serve as an accounting unit, means of exchange and store of value, it has over time penetrated into the remotest corners of social life, constantly assuming new forms and springing fresh surprises. Even Keynes had to admit that his attempt at A Treatise on Money (1930) ran into ‘many problems and perplexities’. How money came to be what it is today, in capitalist modernity, may perhaps with the benefit of hindsight be reconstructed as a process of progressive dematerialization and abstraction, accompanied by growing commodification and state sponsorship. But how money functions in its present historical form is more difficult to say; where it is going from here, harder still. This social construction has always been beset with, and driven by, unanticipated consequences—caused by human action, but not controlled by it. (…)

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La dette souveraine

New publication in La dette souveraine: Économie politique et État
Buying time. Preface to the second edition.

Nouvelle publication dans La dette souveraine: Économie politique et État
Du temps acheté. Préface à la séconde edition.

Wolfgang Streeck: Il y a plus de quatre ans que j’ai terminé le manuscrit de Du temps acheté. Bien que la crise dont il traite soit aujord’hui moins explosive qu’elle ne l’était à l’été 2012, je n’y retrouve pourtant rien qui mériterait d’être retranché ou réécrit. Certes, davantage d’explications, de contextualisations et d’éclaircissements sont toujours bienvenus, et ce également à titre de remerciements pour les nombreuses recensions dont le livre a bénéficié en Allemagne, et ailleurs, en si peu de temps – à la surprise de son auteur, dont les précédentes publications avaient été principalement réservées à des parutions scientifiques spécialisées. […]

Pour continuer: Julia Christ en Gildas Salmon (2018), La dette souveraine: Économie politique et État, Paris: Éditions de l’École des hautes études en sciences sociales (EHESS).

Autres contributions de: Colin Crouch, Jürgen Habermas, Robert Boyer, Bruno Karsenti, Benjamin Lemoine, Marie Cuillerai, Jean-Michel Rey, Yves Duroux, Julia Christ et Gildas Salmon.

 

Review: Bruno Amable, „Structural Crisis and Institutional Change in Modern Capitalism: French Capitalism in Transition“

Review of Bruno Amable (2017), Structural Crisis and Institutional Change in Modern Capitalism: French Capitalism in Transition, Oxford: Oxford University Press.

Appeared in ILR Review 71 (2), 2018, 550-552.

This book is historical-institutionalist political economy at its best. Obviously it is on industrial relations, but it is also, as it should be, on capitalism and the state, on politics and markets, and most important, on their dynamic over time. One thing that we learn (unless we have learned it previously) is that industrial relations cannot be understood outside of its capitalist-political context, and it must be conceived as a story, a movie, not a still, embedded in the long history of modern capitalist society. That history, quite appropriately, can be recounted as one of “modernization,” but not in the 1950s and 1960s American sense in which it stands for quiet, steady, universal, and basically self-driven development toward ever-higher levels of prosperity, democracy, and general happiness. Rather, what Bruno Amable identifies as modernization is a political project of a state under capitalism trying to design a regime that overcomes the dysfunctions of liberalism while avoiding the lure of socialism or communism—a perennial political search for a “Third Way” and for a political coalition capable of sustaining it that goes back to the beginning of capitalist industrialization in the 19th century. […]

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What about capitalism? Jürgen Habermas’s project of a European democracy

Review of Jürgen Habermas, The Lure of Technocracy, Polity: Cambridge, 2015

European Political Science, Vol. 16 (2017), No. 2, 246-253. Manuscript finished January 18, 2016.

The book to be reviewed here – The Lure of Technocracy – is Jürgen Habermas’ latest statement on Europe, its crisis, its politics and its prospects. It is the English translation – a remarkably good one – of Im Sog der Technokratie (Habermas 2013). The German original came out as Volume XII of Kleine politische Schriften, a series that dates back to 1980 and which, according to Habermas (2013, 10), it is to conclude. The twelve volumes, all of them collections of occasional papers, interviews and public lectures produced alongside Habermas’ main works, have long become an object of wide admiration, in Germany and beyond, for their unique combination of political activism, profound scholarship and, not least, brilliant essayistic prose, and they can already now claim a prominent place in the political and cultural history of postwar Germany. The Lure of Technocracy consists of ten pieces from the last three or four years, seven of them more or less directly concerned with European integration and its crisis since 2008. (…)

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You need a gun

Review of two books by Perry Anderson

London Review of Books, Vol. 39, No. 24, December 2017, pp. 25-26

What is the relationship between coercion and consent? Under what circumstances does power turn into authority, brute force into legitimate leadership? Can coercion work without consent? Can consent be secured without coercion? Does political power depend on voluntary agreement and values shared in common, or does it grow out of the barrel of a gun? When ideas rule, how is that rule maintained? Can associations of equals – built on common interests, ideas and identities – endure, or must they degenerate into empires kept together by force? Such questions go to the foundations of political theory and practice. There is no better way to explore them than by tracing the complex career of the concept of hegemony, from the Greeks to today’s ‘international relations’. That is the task undertaken by Perry Anderson in The H-Word and The Antinomies of Antonio Gramsci. (Continue on lrb.co.uk – Paywall)