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Books > Business & Economics > Finance & accounting > Finance > Public finance
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Governing by Debt (Paperback)
Loot Price: R374
Discovery Miles 3 740
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Governing by Debt (Paperback)
Series: Semiotext(e) / Intervention Series, 17
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List price R399
Loot Price R374
Discovery Miles 3 740
You Save R25 (6%)
Expected to ship within 10 - 15 working days
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An argument that under capitalism, debt has become infinite and
unpayable, expressing a political relation of subjection and
enslavement. Experts, pundits, and politicians agree: public debt
is hindering growth and increasing unemployment. Governments must
reduce debt at all cost if they want to restore confidence and get
back on a path to prosperity. Maurizio Lazzarato's diagnosis,
however, is completely different: under capitalism, debt is not
primarily a question of budget and economic concerns but a
political relation of subjection and enslavement. Debt has become
infinite and unpayable. It disciplines populations, calls for
structural reforms, justifies authoritarian crackdowns, and even
legitimizes the suspension of democracy in favor of "technocratic
governments" beholden to the interests of capital. The 2008
economic crisis only accelerated the establishment of a "new State
capitalism," which has carried out a massive confiscation of
societies' wealth through taxes. And who benefits? Finance capital.
In a calamitous return to the situation before the two world wars,
the entire process of accumulation is now governed by finance,
which has absorbed sectors it once ignored, like higher education,
and today is often identified with life itself. Faced with the
current catastrophe and the disaster to come, Lazzarato contends,
we must overcome capitalist valorization and reappropriate our
existence, knowledge, and technology. In Governing by Debt,
Lazzarato confronts a wide range of thinkers-from Felix Guattari
and Michel Foucault to David Graeber and Carl Schmitt-and draws on
examples from the United States and Europe to argue that it is time
that we unite in a collective refusal of this most dire status quo.
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