Friday, September 4, 2009

Financialization and Defenestration

In keeping with yesterday's post on the recession, Global Sociology offers up an interesting perspective: the financial system is an out of control junkie in need of detox.

In addition to the structural and institutional collapse, what we are witnessing might also be the contestation of the culture that supported the financialization of everything and the exposure of its contradictions: runaway compensation unrelated to performance for traders and executives versus exhortation of autonomous control over one’s finances but within the context of the disciplined investor-subject; the investor-subject as locus of financialization versus corporate manipulation of global financial flows.

The crash pulled back the curtain to reveal the overwhelming dominance of the financial corporations, the rigged system where players are unequal and information is itself a financialized product and the autonomous investor-subject, no matter how disciplined, has limited control over deterritorialized flows.
And the culture that supported this financialization of everything may be collapsing world-wide and here in the U.S. (though I have my doubts about our capitalistic culture here in the U.S.; see also my post on privatizing everything).

I also love the accompanying picture to the Global Sociology post. Kind of goes with my Word of the Day.
Defenestrate: to throw out a window.

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