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Cooling Out the Marks: The ideology and politics of the financial crisis

Glynos, J and Klimecki, R and Willmott, H (2012) 'Cooling Out the Marks: The ideology and politics of the financial crisis.' Journal of Cultural Economy, 5 (3). 297 - 320. ISSN 1753-0350

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Abstract

Why has the financial crisis not led to more radical public contestation and political reforms? In investigating the muted response to the crisis so far, the paper highlights the significance of ideological fantasy for appreciating the interpenetration of economy and society. We interpret this muted response to the crisis in terms of a 'cooling out' process (Goffman) underpinned by a restorative fantasmatic narrative. The 'enjoyment' derived from scapegoating individual bankers has narrowed the debate and stifled political imagination and mobilization. By investigating a range of media and policy responses to the meltdown, we conclude that the pre-credit crunch ideology of 'no more boom and bust' has been replaced by an equally ideological narrative that promises a re-normalization of processes of financialization. This allows for the preservation of key elements of neo-liberal capitalism as well as the marginalization of alternative projects. The paper shows how, exemplified by the establishment and operation of United Kingdom Financial Investments Ltd, the post-crisis ideology continues to shield financial markets from public scrutiny and intervention. © 2012 Copyright Taylor and Francis Group, LLC.

Item Type: Article
Subjects: H Social Sciences > H Social Sciences (General)
Divisions: Faculty of Social Sciences > Government, Department of
Depositing User: Jim Jamieson
Date Deposited: 16 Oct 2012 15:08
Last Modified: 30 Jan 2019 16:23
URI: http://repository.essex.ac.uk/id/eprint/4073

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