Capital

Five Theses on Financialisation

matrix

1 The dual nature of con­tem­porary cap­it­alism resides in the sep­ar­a­tion of ‘politics’ and ‘eco­nomics’ on one side, and ‘fin­ance’ and ‘pro­duc­tion’ on the other. However, in fin­an­cial­isa­tion ‘politics’ and ‘fin­ance’ are con­nected, spe­cific­ally by an un­spoken pact of unity whose most sig­ni­ficant fea­tures will be re­vealed below. Financialisation is a typ­ic­ally cap­it­alist sep­ar­a­tion between ‘fin­ance’ and…

Regulatory exceptionalism: the EU short selling ban

dollar's flow in black hole

A much re­marked upon fea­ture of the Global Financial Crisis (‘GFC’) has been the re­course of gov­ern­ments to per­manent states of ex­cep­tion, pur­portedly jus­ti­fied by the need to pro­tect fin­an­cial sta­bility. We have seen everything from prime min­is­ters being heli­coptered in (Romano Prodi), to mon­et­arist central banks buying up bonds and even gilts, to the decision…

Badiou’s Jurisprudence II: ‘We Have Become Simulacra’

Untitled

If freedom, as Deleuze claims, is to en­gage in jur­is­pru­dence, do we not en­counter a paradox in the al­li­ance between Alain Badiou and Jacques Vergès? A paradox that strikes at the heart of the co­lo­nial and jur­idical situ­ation of a col­on­ized people? If Vergès in­sti­tutes a rup­ture within jur­idical reason ren­dering the judg­ment of an Algerian National Liberation fighter…

A Longer Road to Freedom: Addressing 21st Century Apartheids

Nelson Mandela Monument Marco Cianfanelli

The death of Nelson Mandela seems to unite minds and hearts the world over in a cel­eb­ra­tion of his life’s achieve­ments and an ap­par­ently near-​universal sad­ness at the passing of ‘a great light’ from the world. International leaders are lining up to give their deeply felt eu­lo­gies; na­tional flags fly at half mast over sites of…

Socialism and rights: A reply to David Renton’s ‘Do socialists still have an alternative concept of rights?’

Eugène Delacroix's Liberty Leading the People

David Renton’s thoughtful and trenchant art­icle in SL64 [Ed: re­pub­lished 18 Nov 2013 on CLT] has done us all a great ser­vice, opening up ques­tions of cru­cial im­port­ance to the Haldane Society. That is be­cause we are so­cial­ists, com­mitted to solid­arity in res­ist­ance to the de­pred­a­tions of cap­ital, and to fighting for its ab­ol­i­tion. We are not simply…

Do socialists still have an alternative concept of rights?

Artist RJ Hamerton (Punch 1843)

An ob­vious starting point is Karl Marx’s po­s­i­tion on human rights. We can begin with his re­sponse in 1844 to Bruno Bauer’s pamphlet The Jewish Question, in which Bauer op­posed Jewish de­mands for polit­ical lib­er­a­tion on the grounds that no one in Germany was eman­cip­ated and that Jews should fight not for their lib­er­a­tion but…

Critical Finance Law

Finance is Enlightenment's reenchantment of the world - within its labyrinthine corridors lie such becomings-animal that would devour our future imperfect.

Finance and tele­ology Critical fin­ance law is the study of one of the most sig­ni­ficant teloi of the modern era: the set­tle­ment of debt. Why is the set­tle­ment of debt a telos? Well it is per­haps no sur­prise that just as the Scholastic concept of the causa fi­nalis, or final cause, was being ques­tioned and would…

What’s “Left” of Communism? Part II of II

Schools for Chiapas

In my last art­icle I was looking at the Left’s cur­rent re­turn to com­munism and that, while the thinkers most often as­so­ci­ated with this re­turn are adamant that this is a new and more fluid com­munism than the com­munist pro­jects of the 20th cen­tury, there are three prob­lem­atic com­mon­al­ities that most of them share that pre­vent me…

What’s “Left” of Communism? Part I of II

Red Star

In his 1980 book The Inoperative Community, Jean-​Luc Nancy fam­ously claimed that com­munism is, “… no longer the un­sur­pass­able ho­rizon of our time.” Three years later Benedict Anderson, in his ground­breaking book Imagined Communities, showed us how al­li­ances based on common iden­tity are much stronger bonds that al­li­ances based on ideo­logy. All of this seemed…

Human Bodies in Material Space: Editorial of the Journal for Human Rights and the Environment

Embodiment by Eric Franklin

This edi­tion of the Journal of Human Rights and the Environment is ded­ic­ated to the greatest struggle of our era – the on­going – and in­creas­ingly ur­gent – struggle to con­front the en­trenched and growing vi­ol­ence (both epi­stemic and phys­ical) of a global order that is rap­idly en­trenching both human and en­vir­on­mental vul­ner­ab­ility. ‘Business as usual’ is still ob­dur­ately com­mitted to the…

Euro Stability Mechanism proposes transfer of Greek assets to Luxembourg

Luxembourg

The European Commission has been forced to re­buff a pro­posal by the Eurozone’s new bailout fund, the ESM, that Greek as­sets be trans­ferred to a new Luxembourg-​based spe­cial pur­pose vehicle as a part of a wider privat­isa­tion scheme. The pro­posal, mooted by Finland in 2011, and on the radar of the IMF, was aimed at cut­ting through “Greek bureaucracy”…

Law as Insurgent Critique: The Perspective of the Commons in Italy

Per I Beni Comuni

We use law when it proves useful; we break the law when it pre­vents the real­iz­a­tion of a more just common life (Teatro Valle Occupato, my trans.) The fin­an­cial crisis and the sub­sequent series of aus­terity meas­ures have prompted fierce res­ist­ance in the streets and squares across Southern Europe. As the crisis ex­ploded, shat­tering the il­lu­sion of…

Democracy or Capitalism?

Joy of not being sold anything

The re­la­tion between demo­cracy and cap­ital has al­ways been a tense one, of even total con­tra­dic­tion. Capitalism only feels safe it is ruled by who­ever owns cap­ital or iden­ti­fies with its needs, whereas demo­cracy, on the con­trary, is the rule of the ma­jor­ities who have neither cap­ital nor reasons to identify with the needs of capitalism.…

The Reactionary ‘Freeman-​on-​the-​land’ and a Political Fracture

Sean Keating

The Irish Times re­ports over 100 ‘Freeman’-style ar­gu­ments used in the Irish courts this year, citing the Law Society Gazette [for the tra­di­tional legal re­sponse see here and here]. Last Tuesday, Francis Cullen (36) was sen­tenced to an­other three months in Mountjoy Prison for re­fusing to re­cog­nise the court’s jur­is­dic­tion. He claimed, ac­cording to the…

#ACCELERATE MANIFESTO for an Accelerationist Politics

Indian-call-centers

01. INTRODUCTION: On the Conjuncture 1. At the be­gin­ning of the second decade of the Twenty-​First Century, global civil­iz­a­tion faces a new breed of cata­clysm. These coming apo­ca­lypses ri­dicule the norms and or­gan­isa­tional struc­tures of the politics which were forged in the birth of the nation-​state, the rise of cap­it­alism, and a Twentieth Century of un­pre­ced­ented wars. 2.…

The Bias of Human Rights Watch

hrw

Over the past thirty years, Human Rights Watch has be­come one of the most re­cog­nized non-​governmental or­gan­iz­a­tions in the world due to its global pro­mo­tion of human rights. But des­pite its claims to be an ad­vocate of in­ter­na­tional human rights law, the re­ports is­sued by Human Rights Watch over the past decade have in­creas­ingly exhibited…

Cypriots Discover the Debt Jubilee

ATM Out of Service

Come again? Cypriots dis­cover the debt ju­bilee? Well yes ac­tu­ally, that is ba­sic­ally how de­pos­itors at Cypriot banks have been treated by the Troika, even if the de­cision to grab up to 9.9% of cash de­posits to fin­ance a bail out of the fin­ance sector is being presented as a tax or levy. To un­der­stand this we…

Eco-​Technics: Notes on the Thought of Jean-​Luc Nancy

Nancy coins the term eco-​technics to de­scribe the cur­rent global politico-​economic con­junc­ture. Hillis Miller ex­plains: ‘“Eco” comes from the Greek word oikos, the house or home. The prefix “eco-​” is used more broadly now to refer to the total en­vir­on­ment within which one or an­other “living” creature “dwells”’ (Hillis Miller 2012, 66). Thus, at stake…

Blockupy Frankfurt 2013 — appeal for action this spring

Blockupy 2013

“Resistance in the heart of Europe’s crisis re­gime” — under this slogan the Blockupy Alliance is plan­ning re­newed in­ter­na­tional protests in Frankfurt this spring. In a na­tion­wide meeting on Sunday in Frankfurt’s DGB-​200 Active House it was agreed to push on with pre­par­a­tions for the days of ac­tion and issue a written joint ap­peal. We will carry our protest,…

On the Right to Peace and the Environment

War and Destruction / Kuwait

Peace and the en­vir­on­ment are two equally wide-​reaching topics, and con­sequently they could be studied sep­ar­ately and from a variety of per­spect­ives. In this art­icle, we will en­deavour to demon­strate the re­la­tion­ship between peace and the en­vir­on­ment starting with the idea that the pre­ser­va­tion of both is sig­ni­fic­antly com­prom­ised by the cur­rent eco­nomic system. Our central…