The interventions of crisis management during the 2007 to 2011
financial crisis were not simply responses to a set of given
developments in markets, banking or neo-liberal capitalism. Nor can
those interventions be adequately explained as the actions of
sovereign state officials and institutions. Instead, Langley
argues, processes of crisis governance are shown to have
established six principal technical problems to be acted upon:
liquidity, toxicity, solvency, risk, regulation, and debt and that
the governance of these technical problems, is shown to have been
strategically assembled in order to secure the continuation of a
particular, financialized way of life that depends upon global
financial circulations. 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 the
six technical problems to be acted upon, 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.
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