Debt and discipline

American Quarterly

Volumn 64, Issue 3, 2012, Pages 469-494

  Mahmud, Tayyab ^a  

^a NONE

Author keywords

[No Author keywords available]

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EID: 84867376457     PISSN: 00030678     EISSN: 10806490     Source Type: Journal    
DOI: 10.1353/aq.2012.0027     Document Type: Article

References (194)

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64. Chang, 23 Things They Don't Tell You, 19-20;
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66. William Lazonick, "The Buyback Boondoggle," Business Week, August 24, 2009.
67. Magdoff, "Jobs Disaster in the United States," 26, table 1.
68. Sudeep Reddy, "Downturn's Ugly Trademark: Steep, Lasting Drop in Wages," Wall Street Journal, January 11, 2011.
69. Gerald A. Epstein, ed., Financialization and the World Economy (New York: Elgar, 2006);
70. Hengyi Feng et al., "A New Business Model? The Capital Market and the New Economy," Economy and Society 30.4 (2001): 467.
71. McNally, "From Financial Crisis," 56.
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73. Frederic S. Mishkin, The Economics of Money, Banking, and Financial Markets (New York: Addison Wesley, 2000), 41.
74. Martin Wolf, Fixing Global Finance (Baltimore, Md.: Johns Hopkins University Press, 2010), 78, fig. 4.14.
75. Panitch and Gindin, "Finance and American Empire," 69; emphasis added.
76. "The O'Neill Doctrine," Economist, April 25, 2002.
77. Wolf, Fixing Global Finance, 4.
78. Riccardo Belloriore and Joseph Halevi, "A Minsky Moment? The Subprime Crisis and "New" Capitalism," in Credit, Money, and Macroeconomic Policy: A Post-Keynesian Approach, ed. Claude Gnos and Louis-Philippe Rochon (Cheltenham, U.K.: Elgar, 2011), http://gesd.free.fr/ wp200904.pdf.
79. Stephen Roach, "US Not Certain of Avoiding Japan-Style 'Lost Decade,'" Financial Times, January 14, 2009.
80. John Bellamy Foster and Fred Magdoff, The Great Financial Crisis: Causes and Consequences (New York: Monthly Review Press, 2009), 29, table 1.1.
81. "Credit Card Statistics, Industry Facts, and Debt Statistics," http://www.creditcards.com/credit-card-news/credit-card-industry-facts-personal- debt-statistics-1276.php.
82. Will Bonner and Addison Wiggin, The New Empire of Debt: The Rise and Fall of an Epic Financial Bubble, 2nd ed. (New York: Wiley, 2009), 203.
83. Susanne Soederberg, "Cannibalistic Capitalism: The Paradoxes of Neoliberal Pension Securitization," in The Crisis This Time: Socialist Register 2011, ed. Leo Panitch, Greg Albo, and Vivek Chibber (New York: Monthly Review Press, 2010), 229, table 1.
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86. Quoted in Leonard Seabrooke, U.S. Power in International Finance: The Victory of Dividends (New York: Palgrave Macmillan, 2001), 150.
87. Gregory Elliehausen, quoted in Peter Gosselin, High Wire: The Precarious Financial Lives of American Families (New York: Basic Books, 2008), 183.
88. For an insightful refutation of the exclusion thesis in the context of race relations, see Denise Ferreira da Silva, Toward a Global Idea of Race (Minneapolis: University of Minnesota Press, 2007).
89. Fiona Allon, "Speculating on Everyday Life: The Cultural Economy of the Quotidian," Journal of Communication Inquiry 34.4 (2010): 368.
90. Andrea Fumagalli, "The Global Economic Crisis and Socioeconomic Governance," in Crisis in the Global Economy: Financial Markets, Social Struggles, and New Political Scenarios, ed. Andrea Fumagalli and Sandro Mezzadra (Los Angeles: Semiotext(e), 2010), 64.
91. Robert Wade, "The First-World Debt Crisis of 2007-2010 in Global Perspective," Challenge 51.4 (2008): 30.
92. For details, see Edward M. Gramlich, Subprime Mortgages: America's Latest Boom and Bust (Washington, D.C.: Urban Institute Press, 2007).
93. Wade, "First-World Debt Crisis," 31; emphasis added.
94. Louis Hyman, Debtor Nation: The History of America in Red Ink (Princeton, N.J.: Princeton University Press, 2011), 243.
95. Allon, "Speculating on Everyday Life," 377.
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97. Christian Marazzi, "The Violence of Financial Capitalism," in Fumagalli and Mezzadra, Crisis in the Global Economy, 31.
98. Nesvetailova and Palan, "Very North Atlantic Credit Crunch," 166.
99. Dumenil and Levy, Crisis of Neoliberalism, 197-98;
100. Wade, "First-World Debt," 35.
101. Dumenil and Levy, Crisis of Neoliberalism, 185-87.
102. Leonard Seabrooke, The Social Sources of Financial Power: Domestic Legitimacy and International Financial Orders (Ithaca, N.Y.: Cornell University Press, 2006), 125-30.
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104. Johnson and Kwak, 13 Bankers, 124-25.
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106. Seabrooke, Social Sources of Financial Power, 126-27. By 2008 this had grown to US$5.3 trillion.
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109. Richard S. Belous, The Contingent Economy: The Growth of Temporary, Part-Time, and Subcontracted Workforce (Washington, D.C.: National Planning Association, 1998), 15;
110. Stanley Nollen and Helen Axel, Managing Contingent Workers: How to Reap the Benefits and Reduce the Risks (New York: AMA-COM, 1995), 9-10.
111. Kenneth L. Kart, "The Coming Crisis of Work in Constitutional Perspective," Cornell Law Review 82 (1997): 523.
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113. Scott Lash and John Urry, Economics of Signs and Space (New York: Sage, 1994).
114. Richard Sennett, The Corrosion of Character: The Personal Consequences of Work in the New Capitalism (New York: Norton, 1998).
115. Gosselin, High Wire, 142.
116. Carlo Vercellone, "The Crisis of the Law of Value and the Becoming-Rent of Profit,"
117. Fumagalli and Mezzadra, Crisis in the Global Economy, 91.
118. Antonio Negri, "Interpretation of the Class Situation Today: Methodological Aspects," in Theory and Practice, vol. 2 of Open Marxism, ed. Werner Bonefeld et al. (New York: Pluto, 1992), 85.
119. Michael Hardt and Antonio Negri, Commonwealth (Cambridge, Mass.: Harvard University Press, 2011), 155.
120. Jeff Howe, Crowdsourcing: Why the Power of the Crowd Is Driving the Future of Business (New York: Crown Business, 2008).
121. Marazzi, "Violence of Financial Capitalism," 38-39.
122. Andrea Fumagalli, "The Global Economic Crisis and Socioeconomic Governance,"
123. Yochai Benkler, The Wealth of Networks: How Social Production Transforms Markets and Freedom (New Haven, Conn.: Yale University Press, 2007);
124. John Banks, "The Labor of User Co-Creators: Emergent Social Network Markets," Convergence: The International Journal of Research into New Media Technologies 14.4 (2008): 401;
125. Manuel Castells, The Rise of the Network Society: The Information Age: Economy, Society, and Culture, 2nd ed. (New York: Wiley-Blackwell, 2010).
126. For an articulation of the hypothesis of cognitive capitalism, see Carlo Vercellone, "From Formal Subsumption to General Intellect: Elements for a Marxist Reading of the Thesis of Cognitive Capitalism," Historical Materialism 15 (2007): 13-36;
127. Bernard Paulre, "Cognitive Capitalism and the Financialization of Economic Systems,"
128. Federico Chicchi, "On the Threshold of Capital, at the Thresholds of the Commons: Sidenotes on the Ambivalences of Biopolitical Capitalism,"
129. Andrew Ross, No Collar: The Humane Workplace and Its Hidden Costs (Philadelphia: Temple University Press, 2004).
130. Tim O'Reilly, "What Is Web 2.0 Design Patterns and Business Models for the Next Generation of Software," September 30, 2005, http://oreilly.com/web2/archive/what-is-web-20.html.
131. Alison Wolf, Does Education Matter? Myths about Education and Economic Growth (London: Penguin Global, 2003), 264.
132. John Bellamy Foster, "Education and the Structural Crisis of Capital," Monthly Review 63.3 (2011): 6-37;
133. Pauline Lipman, The New Political Economy of Urban Education (New York: Routledge, 2011).
134. Tamar Lewin, "What's the Most Expensive College? The Least? Education Dept. Puts It All Online," New York Times, June 30, 2011.
135. Josh Mitchell and Maya Jackson-Randall, "Student-Loan Debt Tops $1 Trillion," Wall Street Journal, March 22, 2012;
136. Tom Raum, "Student Loan Debt Threatening Economic Recovery," Huffington Post, April, 3, 2012.
137. Edward A Ross, Social Psychology (New York: Macmillan, 1917), 89.
138. A business manager, quoted in Charles H. Whitaker, The Joke about Housing (1920; rpt. College Park, Md.: McGrath Publishing, 1969), 9; emphasis added.
139. David Graeber, Debt: The First 5,000 Years (New York: Melville House, 2011), 40.
140. Geoffrey Ingham, The Nature of Money (Cambridge: Polity, 2004), 90.
141. Ferguson, Ascent of Money, 98-100.
142. Cheryl Payer, Debt Trap: The International Monetary Fund and the Third World (New York: Monthly Review Press, 1974).
143. Tayyab Mahmud, "Is It Greek or Déjà vu All Over Again: Neoliberalism and Winners and Losers of International Debt Crises," Loyola University Chicago Law Journal 42.4 (2011): 629-712.
144. Gordon Hanka, "Debt and the Terms of Employment," Journal of Financial Economics 48:3 (1998): 245-82.
145. Foucault, Birth of Biopolitics, 269.
146. Vercellone, "Crisis of the Law of Value," 107.
147. Jamie Peck, Workfare States (New York: Guilford, 2001), 23.
148. R. Kent Weaver, Ending Welfare as We Know It (Washington, D.C.: Brookings Institution Press, 2000).
149. "Consensus over Welfare," Washington Post, August 20, 1996.
150. Frances Fox Piven and Richard Cloward, Regulating the Poor: The Functions of Public Welfare (New York: Vintage, 1993), 396.
151. Douglas J. Besharov and Karen N. Gariner, "Paternalism and Welfare Reform," Public Interest 122 (1996): 84.
152. Peck, Workfare States, 6.
153. The bible of the human capital theme remains a book sponsored by the consulting firm Arthur Anderson: Brian Friedman, James Hatch, and David M. Walker, Delivering on the Promise: How to Attract, Manage, and Retain Human Capital (New York: Free Press, 1998).
154. Mitchell Dean, "Governing the Unemployed Self in an Active Society," Economy and Society 24.4 (1995): 559-83.
155. Chicchi, "On the Threshold of Capital," 149.
156. Liz McFall, "The Disinterested Self: The Idealized Subject of Life Insurance," Cultural Studies 21.4-5 (2007): 591-609.
157. Shaun French and James Kneale, "Excessive Financialization: Insuring Lifestyles, Enlivening Subjects and Everyday Spaces of Biosocial Excess," Environment and Planning D: Society and Space 27.6 (2009): 1030-53.
158. George Gilder, Wealth and Poverty (Ithaca, N.Y.: ICS Press, 1993), 110.
159. Peter A. Ubel, Free Market Madness: Why Human Nature Is at Odds with Economics - and Why It Matters (Cambridge, Mass.: Harvard Business School Press, 2009).
160. Pat O'Malley, Risk, Uncertainty, and Government (London: Routledge-Cavendish, 2004), 131.
161. Paul Langley, The Everyday Life of Global Finance; Saving and Borrowing in Anglo-America (Oxford: Oxford University Press, 2008), 47.
162. Martin, Financialization of Daily Life, 12.
163. Ibid., 17; Nicholas J. Kiersey, "Everyday Neoliberalism and the Subjectivity of Crisis: Post-Political Control in an Era of Financial Turmoil," Journal of Critical Globalization Studies 4 (2011): 23-44.
164. Alyssa Katz, Our Lot: How Real Estate Came to Own Us (New York: Bloombury, 2009).
165. Michel Foucault, "Technologies of the Self," in Technologies of the Self: A Seminar with Michel Foucault, ed. Luther H. Martin et al. (Amherst: University of Massachusetts Press, 1988), 17.
166. Paulre, "Cognitive Capitalism," 193.
167. Chicchi, "On the Threshold of Capital," 147.
168. Stefano Lucarelli, "Financialization as Biopower," in Fumagalli and Mezzadra, Crisis in the Global Economy, 125.
169. Randy Martin, Financialization of Daily Life (Philadelphia: Temple University Press, 2002);
170. Shaun French and Andrew Leyshon, The New, New Financial System? Towards a Conceptualization of Financial Reintermediation," Review of International Political Economy, 11.2 (2004): 263-88.
171. Rob Aitkin, Performing Capital: Towards a Cultural Economy of Popular and Global Finance (New York: Palgrave Macmillan, 2007).
172. Paul Langley, "The Making of Investor Subjects in Anglo-American Pensions," Environment and Planning D: Society and Spaces 24.6 (2006): 919-34.
173. Stephen E. G. Lea et al., "The Economic Psychology of Consumer Debt," Journal of Economic Psychology 14.1 (1983): 85-119.
174. Massimo Amato and Luca Fantacci, The End of Finance (Cambridge: Polity, 2011), 227.
175. Pierre Bourdieu makes a parallel analogy by way of "the Left hand" of the state, which protects and expands life chances through Keynesian welfare, and is supplanted by the "Right hand," that of coercion (Acts of Resistance: Against the Tyranny of the Market [New York: New Press, 1998], 1-10).
176. Joel F. Handler, The Poverty of Welfare Reform (New Haven, Conn.: Yale University Press, 1995), 137.
177. David Garland, Culture of Control: Crime and Social Order in Contemporary Society (Chicago: University of Chicago Press, 2002).
178. Loïc Wacquant, "The Penalization of Poverty and the Rise of Neoliberalism," European Journal of Criminal Policy and Research 9 (2001): 401-12.
179. Loïc Wacquant, Punishing the Poor: The Neoliberal Government of Social Insecurity (Durham, N.C.: Duke University Press, 2009), 305.
180. Lauren E. Glaze, "Correctional Population in the United States, 2010," U. S. Department of Justice Bulletin of Justice Statistics (2011), 3, table 1, http://bjs.ojp.usdoj.gov/content/pub/pdf/cpus10.pdf.
181. Michelle Alexander, The New Jim Crow: Mass Incarceration in the Age of Colorblindness (New York: New Press, 2010);
182. Loïc Wacquant, Deadly Symbiosis: Race and the Rise of the Penal State (London: Polity, 2009);
183. Michael Tonry, Malign Neglect: Race, Class, and Punishment in America (New York: Oxford University Press, 1995);
184. David Cole, No Equal Justice: Race and Class in the American Criminal Justice System (New York: New Press, 2000);
185. Becky Pettit and Bruce Western, "Mass Imprisonment and the Life Course: Race and Class Inequality in U.S. Incarceration," American Sociological Review 69 (2004): 151-69.
186. Wacquant, Punishing the Poor, 117, fig. 1.
187. Alexis M. Durham, "Origins and Interest in the Privatization of Punishment: The Nineteenth and Twentieth Century American Experience," Criminology 27.1 (1989): 107-40;
188. Charles Logan and Sharla Rausch, "Punish and Profit: the Emergence of Private Enterprise Prisons," Justice Quarterly 2 (1985): 303-18.
189. International Monetary Fund, "Global Financial Stability Report: Navigating the Challenges Ahead," October 2009, http://www.imf.org/ external/pubs/ft/gfsr/2009/02/pdf/text.pdf;
190. United Nations, "World Economic Situation and Prospects," 2010, xii-xiii.
191. Nelson D. Schwartz, "Unemployment Surges around the World, Threatening Stability," New York Times, February 14, 2009;
192. James Kwame Sundaram and Felice Noelle Rodriguez, "Structural Causes and Consequences of the 2008-2009 Financial Crisis," in Aftermath: A New Global Economic Order, ed. Craig Calhoun and Georgi Derluguian (New York: New York University Press, 2011), 109.
193. Manuel Castells, "The Crisis of Global Capitalism: Towards a New Economic Culture?" in Business as Usual: The Roots of the Global Financial Meltdown, ed. Craig Calhoun and Georgi Derluguian (New York: New York University Press, 2011), 199.
194. Binyamin Appelbaum and Eric Dash, "S & P Downgrades Debt Rating of U.S. for the First Time," New York Times, August 6, 2011.