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In his brilliant interdisciplinary analysis of the global financial
crisis, Joseph Vogl aims to demystify finance capitalism--with its
bewildering array of new instruments--by tracing the historical
stages through which the financial market achieved its current
autonomy. Classical and neoclassical economic theorists have played
a decisive role here. Ignoring early warnings about the instability
of speculative finance markets, they have persisted in their belief
in the inherent equilibrium of the market, describing even major
crises as mere aberrations or adjustments and rationalizing dubious
financial practices that escalate risk while seeking to manage it.
"The market knows best": this is a secular version of Adam Smith's
faith in the market's "invisible hand," his economic interpretation
of eighteenth-century providentialist theodicy, which subsequently
hardened into an "oikodicy," an unquestioning belief in the
self-regulating beneficence of market forces. Vogl shows that
financial theory, assisted by mathematical modeling and digital
technology, itself operates as a "hidden hand," pushing economic
reality into unknown territory. He challenges economic theorists to
move beyond the neoclassical paradigm to discern the true contours
of the current epoch of financial convulsions.
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On Tarrying (Paperback)
Joseph Vogl; Translated by Helmut Muller-Sievers
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R365
Discovery Miles 3 650
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Ships in 12 - 17 working days
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Western culture has been marked by deep divisions between action
and contemplation, intervention and passivity, and decisiveness and
withdrawal. Conceived as radical opposites, these terms structure
the history of religion, philosophy, and political theory, and have
left their imprint on the most intimate processes of individual
decision-making and geo-political strategies. But, in On Tarrying,
Joseph Vogl argues for a third way, a mode of thought that doesn't
insist on these divisive either/ors. Neither an active refusal to
engage with the world nor a consistent strategy of resistance,
tarrying, as defined by Vogl, defers, multiplies, and suspends the
strictures of decision-making. In his far-ranging reflections Vogl
shows that the traditional insistence on the exclusivity of these
terms impoverishes and distorts the range of human responses to a
world full of possibilities. His readings of texts by Freud,
Sophocles, Friedrich Schiller, Robert Musil, and Franz Kafka
provide rich examples of how to resist the binary of activity and
passivity through tarrying. This important book offers the
first-ever extended analysis of tarrying as a mode of subversion
and presents provocative new readings and interpretations of
significant works of German literature and thought.
In his brilliant interdisciplinary analysis of the global financial
crisis, Joseph Vogl aims to demystify finance capitalism--with its
bewildering array of new instruments--by tracing the historical
stages through which the financial market achieved its current
autonomy. Classical and neoclassical economic theorists have played
a decisive role here. Ignoring early warnings about the instability
of speculative finance markets, they have persisted in their belief
in the inherent equilibrium of the market, describing even major
crises as mere aberrations or adjustments and rationalizing dubious
financial practices that escalate risk while seeking to manage it.
"The market knows best": this is a secular version of Adam Smith's
faith in the market's "invisible hand," his economic interpretation
of eighteenth-century providentialist theodicy, which subsequently
hardened into an "oikodicy," an unquestioning belief in the
self-regulating beneficence of market forces. Vogl shows that
financial theory, assisted by mathematical modeling and digital
technology, itself operates as a "hidden hand," pushing economic
reality into unknown territory. He challenges economic theorists to
move beyond the neoclassical paradigm to discern the true contours
of the current epoch of financial convulsions.
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