Governmentality verus moral economy: notes on the debt crisis
(2018) Innovation, pp. 1-15. Article in Press.
In this paper we revisit the concepts of governmentality and moral economy in the context of subordinate or dependent financialization. Michel Foucault and E.P. Thompson have introducted these concepts in order to capture the operational principles of liberal order in the moment of collision struggle with “anti-liberal” discursive forms such as moral economy of the poor or Keynesian economics. Furthermore, both of these concepts aim at capturing and analyzing the key sites of subjectivity formation. Contemporary debt relations as they appear at the level of household represent the point at which structural development of financialized capitalism intersects with the logic of household economy and calls for type of analysis that takes on board insights drawn from heterodox political economy, but move further and captures the norms, morals and practices that, sometimes laterally and indirectly, impact and modify the underlying economic trajectory. © 2018 The European Association for the Advancement of the Social Sciences
Financialization; governmentality; household debt; moral economy; post-socialism