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.

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.