Contradictions of the Bailout State

Abstract

La necesidad de rescates a menudo se describe como un síntoma de cuán incoherente es el neoliberalismo. Sin embargo, estas interpretaciones desdeñosas no reconocen cómo la confianza en la lógica del rescate ha permitido a los formuladores de políticas
navegar por dilemas que antes parecían intratables, que es lo que impulsó la transformación de las políticas de rescate de espectaculares rescates públicos en la década de 1980 a goteo mucho más significativo desde el punto de vista sistémico. Alimentar la lógica de rescate de bajas tasas de interés y flexibilización cuantitativa en el presente. La crisis de COVID-19 ha dejado en claro cuán central se ha vuelto la lógica de los rescates para la forma en que funcionan las sociedades occidentales contemporáneas: se han convertido en la opción de referencia para lidiar con los efectos desestabilizadores de los grandes impactos, incluso cuando la fuente es externa a el sistema económico Al mismo tiempo, estamos viendo las contradicciones de este modelo de gobernanza económica. Esas contradicciones aparecen como una intensificación de las tensiones que ya se habían hecho visibles desde la crisis financiera mundial, cuando las autoridades financieras percibieron cada vez más las limitaciones de su conjunto de herramientas de política.
Este capítulo mapea la trayectoria del surgimiento del estado de rescate y toma la medida de sus contradicciones actuales.

References

Adkins, L. (2018). The Time of Money. Stanford: Stanford University Press.

Adkins, L. and Konings, M. (2021). Covid Life and the Asset Economy. Goldsmiths Press

blog, https://www.gold.ac.uk/goldsmiths-press/features/covid-life-and-the-asset-economy/

Adkins, L., Cooper, M. and Konings, M. (2020). The Asset Economy: Property Ownership

and the New Logic of Inequality. London: Polity.

Adorno, T.W. (1973). Negative Dialectics. London: Continuum.

Baker, J.J. (2005). Securing the Commonwealth. Debt, Speculation, and Writing in the

Making of Early America. Baltimora: Johns Hopkins University Press.

Balibar, E. (1989). Racism as Universalism. New Political Science, 8(1-2), 9-22.

Beltrán, C. (2020). Cruelty as Citizenship: How Migrant Suffering Sustains White Democracy.

Minneapolis: University of Minnesota Press.

Crouch, C. (2013). The Strange Non-Death of Neo-Liberalism. London: Polity.

Dahl, A. (2018). Empire of the People: Settler Colonialism and the Foundations of Modern

Democratic Thought. Lawrence: University Press of Kansas.

Elliott, J. (2018). The Micro-Economic Mode: Political Subjectivity and Contemporary Popular

Aesthetics. New York: Columbia University Press.

Feher, M. (2009). Self-Appreciation; or, the Aspirations of Human Capital. Public Culture,

(1), 21-41.

Feher, M. (2018). Rated Agency: Investee Politics in a Speculative age. New York: Zone

Books.

Fisher, M. (2016). Ghosts of My Life: Writings on Depression, Hauntology and Lost Futures.

New York: Zero Books.

Gill, S. (1995). Globalisation, Market Civilisation, and Disciplinary Neoliberalism. Millennium,

(3), 399-423.

Habermas, J. (1975). Legitimation Crisis. Boston: Beacon Press.

Harvey, David (2018). Marx, Capital and the Madness of Economic Reason, Oxford:

Oxford University Press.

Hirst, P. and Thompson, G. (1996). Globalization in Question: The International Economy

and the Possibilities of Governance. London: Polity.

Konings, M. (2011). The Development of American Finance. Cambridge: Cambridge

University Press.

Konings, M. (2018). Capital and Time: For a New Critique of Neoliberalism. Stanford:

Stanford University Press.

Konings, M., Adkins, L., Bryant, G., Maalsen, S. and Troy, K. (2021). Lock-in and lockout:

Covid-19 and the dynamics of the asset economy. Journal of Australian Political

Economy, 87, 20-47.

Lefort, C. (1991). Democracy and Political Theory. London: Polity.

MacGilvray, E. (2011). The Invention of Market Freedom. Cambridge: Cambridge University

Press.

Malysheva, N., and Walter, J.R. (2010). How Large Has the Federal Financial Safety Net

Become? Federal Reserve Bank of Richmond Economic Quarterly, 96 (3), 273-290.

Mann, G. (2017). In the Long Run We Are All Dead: Keynesianisn, Political Economy and

Revolution. London: Verso.

Minsky, H.P. (2008) [1986]. Stabilizing an Unstable Economy. New York: McGraw Hill.

Mirowski, P. (2013). Never Let a Serious Crisis Go to Waste: How Neoliberalism Survived

the Financial Meltdown. London: Verso.

Mirowski, P. and Plehwe, D. eds. (2009). The Road from Mont Pèlerin: The Making of the

Neoliberal Thought Collective. Harvard: Harvard University Press.

Mitchell, T. (2005). Economists and the Economy in the Twentieth Century. En G.

Steinmetz, ed., The Politics of Method in the Human Sciences. Durham: Duke University

Press.

O’Malley, M. (2012). Face Value: The Entwined Histories of Money and Race in America.

Chicago: University of Chicago Press.

Offe, C. (1984). Contradictions of the Welfare State. Boston: Mit Press.

Panitch, L. (1994). Globalization and the State. Socialist Register 1994, 60-93.

Panitch, L., and Gindin, S. (2013). The Making of Global Capitalism: The Political Economy

of American Empire. London: Verso.

Peck, J. and Tickell, A. (2002). Neoliberalizing Space. Antipode, 34(3), 380-404.

Pierson, C. (1998). Beyond the Welfare State: The New Political Economy of Welfare. University

Park: Pennsylvania State University Press.

Pollin, R. and Epstein, G. (2021). Neoliberalism’s Bailout Problem, Boston Review, https://

bostonreview.net/class-inequality/robert-pollin-gerald-epstein-neoliberalism’s-

bailout-problem

Sandel, M.J. (1998). Democracy’s Discontent: America in Search of a Public Philosophy.

Harvard: Harvard University Press.

Silber, W.L. (2012). Volcker: The Triumph of Persistence. New York: Bloomsbury.

Slobodian, Q. (2018). Globalists: The End of Empire and the Birth of Neoliberalism. Harvard:

Harvard University Press.

Streeck, W. (2014). Buying Time: The Delayed Crisis of Democratic Capitalism. London:

Verso.

Tellmann, U. (2017). Life and Money: The Genealogy of the Liberal Economy and the

Displacement of Politics, New York: Columbia University Press

Venugopal, R. (2015). Neoliberalism as Concept. Economy and Society, 44(2), 165-187.

Vogl, J. (2014). The Specter of Capital, Stanford: Stanford University Press.

Vogl, J. (2017). The Ascendancy of Finance, London: Polity.

Watts, G. (2021). Are You a Neoliberal Subject? On the Uses and Abuses of a Concept,

European Journal of Social Theory, online first.

Wood, E.M. (1991). The Pristine Culture of Capitalism: A Historical Essay on Old Regimes

and Modern States, London: Verso.

Young, N.B. (2000). Wright Patman. Populism, Liberalism and the American Dream. Dallas:

Southern Methodist University Press.